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EUR/USD: Corrective Pause Within Uptrend

Sameer Kapoor 29 October 2013

EUR/USD: Corrective Pause Within Uptrend EUR/USD is bullish for the last few weeks but now also sideways around 1.3800 area which is nothing else than just another corrective pause within larger uptrend.

We suspect it's wave (iv) that is part of incomplete five wave rally in wave 3 from 1.3470. As such, sooner or later pair should accelerate to a new high, which be a fifth wave of 3 that may reach levels around 1.3860/1.3900 later this week.

Meanwhile we also need to keep an eye on 1.3700 level where our impulsive bullish count would become invalid as wave (iv) must not trade into the territory of a wave (i).

Forex Analysis by Gregor Horvat at ForexPros. com