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EURUSD - Likely to Form Reversal Low
In my previous published chart the anticipated low did not form as the selling pressure gained momentum. However, my overall expectation for EURSD has not changed.
There is too much made of Eurozone weakness and USD is not exactly out of woods. Specially if the expectation of rising interest rate do not materialise soon.
Consequently, EURUSD could mount a strong rally to retest the declining major resistance line before another down swing to completion of the bullish triangle, or we have near completion of 78.6% Fib retracement of the June 2010 - May 2011 swing.
ADX on weekly suggesting potential over extension and signalling climax in the offing. These observations are even more clear on daily time frame.
There is too much made of Eurozone weakness and USD is not exactly out of woods. Specially if the expectation of rising interest rate do not materialise soon.
Consequently, EURUSD could mount a strong rally to retest the declining major resistance line before another down swing to completion of the bullish triangle, or we have near completion of 78.6% Fib retracement of the June 2010 - May 2011 swing.
ADX on weekly suggesting potential over extension and signalling climax in the offing. These observations are even more clear on daily time frame.
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