Wednesday, March 23, 2016

The EUR/USD Prognosis Remains the Same

Back on Monday I wrote that the pair could potentially rise to 1.1550 – 1.16.

Although EUR/USD continued slowly falling since them, that drop is obviously part of a correction and is clearly contrasting with the impulse climbing since 2nd March (from 1.0833). Considering this I think that after the end of this correction there will be a new impulse move to the upside, towards the resistance at 1.1550, which can be seen on the weekly time frame.

After drawing the trend lines of the previous climb and then following drop, I believe that prognosis is still valid.

The pair can, indeed, reverse and start moving to the downside on a long-term basis if it breaks below 1.1170 – 1.1150. If that happens I will have to reexamine my analysis.