Monday August 24, 2015 - 01:10:35 GMT
Share This Story
Global-View.com - www.global-view.com
Max McKegg;s Forecast:EUR/USD – Much more Upside potential ahead
The Euro has rallied nicely to multi-month Triangle resistance (refer Daily Chart below) and I am expecting this resistance to give-way; extending the Euro’s advance a lot further over coming days.
More specifically, from an Elliott Wave perspective, I am interpreting EUR/USD to be in minor 3rd Wave rally, with a mathematical upside target about the 1.1605 level.
From a wider perspective, it would not pay to under-estimate the Euro’s Upside potential ahead, as whilst sustaining a break (and close) above this multi-month Triangle resistance, an Upside projection toward 1.2250 will be “in play”. Coincidentally, this lies very close to Chart resistance from the Euro’s multi-year Triangle resistance (refer Weekly Chart below).
In the short term, with support now around the mid 1.1300’s, looking for Uptrend to soon extend toward 1.1465 (the mid-May peak) enroute to 1.1540 and 1.1600.
To receive my Daily FX Trading Advice – Request Trial below\
Request a Trial for Max McKegg's Daily Forex Forecasts
Forex Trading News
Daily Forex Market News
Forex news reports can be found on the forex research
headlines page below. Here you will find real-time forex market news reports
provided by respected contributors of currency trading information. Daily forex
market news, weekly forex research and monthly forex news features can be found
Real-time forex market news reports and features providing
other currency trading information can be accessed by clicking on any of the
headlines below. At the top of the forex blog page you will find the latest
forex trading information. Scroll down the page if you are looking for less
recent currency trading information. Scroll to the bottom of fx blog headlines
and click on the link for past reports on forex. Currency world news reports
from previous years can be found on the left sidebar under "FX Archives."