Eur/Usd Pattern and Price: The Euro to move higher
The Euro has likely reached a low that could last for days or even weeks. Price in the larger timeframe appears to have completed W.A of a potential ABC correction off the 15 July high, which is consonant with the probable completion of W.5 in the smaller timeframe.
Multiple-Timeframe Momentum: Bullish
Bullish reversals on the weekly, daily, and 240-minute stochastic indicate that the bias has shifted from bearish to bullish and will remain so for the next several days or even weeks.
Implications: The Euro has found a bottom and may easily move higher
Multiple-timeframe confluence of bullish pattern, price, and momentum suggests that, following a break of 1.4908, price should retrace 50-62% of the decline from 15 July to 26 August.
Written by TheLFB Trade Team, © 2007-2008 LFB Services, LLC. All rights reserved. http://www.TheLFB-Forex.com
TheLFB Risk Disclaimer can be found at http://www.thelfb-forex.com/content.aspx?id=174.
The Copying, Broadcast, Republication or Redistribution of TheLFB Content is Expressly Prohibited Without the Prior Written Consent of LFB Services, LLC.
|
