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  • This bull flag pattern on $EURUSD played out as the textbooks usually project. The break to the upside is perhaps the path of least resistance - at least until we get back to the 1.2150 high, if we get there https://t.co/h5wOcHftl2
Price & Time: EUR/USD Correction Over?

Price & Time: EUR/USD Correction Over?

Kristian Kerr, Sr. Currency Strategist

Talking Points

  • EUR/USD advance stalls near 20-day MA
  • Cyclical analysis points to a deeper recovery

Unfamiliar with Gann Square Root Relationships? Learn more about them HERE.

The correction in EUR/USD this week was quite aggressive as the exchange rate retraced almost 3 big figures from the lows last week. The big question now is was that it? With the extreme negative sentiment cleared out is the market now ready to resume it decline? It is tough to tell. We could easily see the rate turn down aggressively here, but that is not our favored scenario. Cyclical analysis seems to favor a few weeks of upside and the sentiment/positioning was so severe for so long that we have doubts as to whether three days was really long enough to clear out the condition. The next couple of trading days should prove important in determining in which direction we are headed. Aggressive weakness obviously will point to a downside resumption while tepid weakness will open the way for a further squeeze. We like taking a shot on the long side around 1.2600 with a tight stop.

To receive other reports from this author via e-mail, sign up to Kristian’s e-mail distribution list via this link.

EUR/USD Daily Chart: October 10, 2014

Price & Time: EUR/USD Correction Over?

Charts Created using Marketscope – Prepared by Kristian Kerr

Key Event Risk in the Week Ahead:

Price & Time: EUR/USD Correction Over?

LEVELS TO WATCH

Resistance: 1.2725 (Gann), 1.2785 (Fibonacci)

Support: 1.2615 (Gann), 1.2580 (Gann)

Strategy: Buy EUR/USD

Entry: Buy EUR/USD at 1.2615

Stop: 1.2555

Target: 1.2785

--- Written by Kristian Kerr, Senior Currency Strategist for DailyFX.com

To contact Kristian, e-mail instructor@dailyfx.com. Follow me on Twitter at@KKerrFX.

DailyFX provides forex news and technical analysis on the trends that influence the global currency markets.

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