Euro Continues to Rise after Breaking Retracement Zone
The Euro continues to post strong gains this morning after
breaking through a minor retracement zone at 1.2164 to 1.2233 overnight. The
main trend is down until 1.2453 is penetrated, but the daily chart indicates
there is plenty of room to the upside.
Last weekâ€™s closing price reversal bottom at 1.1876 is the
driving force behind todayâ€™s rally. Overnight this reversal bottom was
confirmed when the market took out last weekâ€™s high at 1.2152.
This type of reversal pattern usually means a minimum 2 to 3
week really or a 50% retracement of the last leg down. Based on this pattern,
look for a possible rally to 1.2784.
The strong rally in the GBP USD helped turn the main trend
up on the daily chart. After crossing the old top at 1.4769, the next minimum
upside target is a 50% level at 1.4810. This is followed by the .618 price
target of 1.4947.
Stronger demand for higher risk assets is also driving the
Australian Dollar higher. This morningâ€™s breakout over the last swing top at
.8550 and a downtrending Gann angle is triggering a strong surge to the upside.
Upside momentum indicates that the next upside target is a major 50%
retracement area at .8727.
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