EURUSD Chart 10

EURUSD - Possible Bottom

EURUSD - Possible Bottom by DanV on TradingView.com

27 February 2013

Updates and comments

Longer term I am still very bullish on the EURUSD, you can check my general view on previously published chart. However in the short term the price action is difficult to anticipate. Nevertheless EURUSD has retraced little more that 38.2% of the July 1012 low to Feb 2013 high and is at Jan & Feb 2012 support level.

On Hourly has potential RSI divergence developing and is in final swing down to reflect the structure of the wave (a) labeled on my chart which has 5 swings. If so I would expect either the end of the correction and new uptrend to resume or more sideways congestion in which case at least 50% retracement to 1.3450 could be anticipated. This might also be in sync with the possible top in the Dollar Index see updates and comments.

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