Monday August 24, 2015 - 01:16:50 GMT
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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.
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