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Guest Commentary: How Long Will We Stay Long EURUSD after FOMC?

Guest Commentary: How Long Will We Stay Long EURUSD after FOMC?

2012-06-20 14:35:00
Ed Matts,,

The Euro is repeating itself…to encourage us to stay long in this corrective rally.

- Since Sunday night the Euro has repeated itself suggesting a break up soon to the 1.28 region.

- Since this comes at the end of a projected 10 day consolidation, the Euro is still following the Pandora's Box analogy and therefore has potential for a 'Dimensional Shift'!

The Euro has rallied well to maintain our bullish view of a larger corrective rally.

Guest_Commentary_How_Long_Will_We_Stay_Long_EURUSD_after_FOMC_body_Picture_5.png, Guest Commentary: How Long Will We Stay Long EURUSD after FOMC?

Indeed since it ended the first leg of this recovery at 1.2670, the Euro has repeated itself to end an irregular correction at 1.2555 - exactly 10 days after the 1.2670 high, exactly the time projected by the Pandora's Box analogy copying price action from 16 years ago.

So we have two analogies... both of which are bullish as the short term places the Euro here (yellow arrow) and therefore in a position to break up through 1.2750 to an ideal short term target in the 1.28 confluence area....where the Euro will beg the volatility question.

If there is no 'dimensional shift' to cause this break then there will be a risk of more of the same..a return to 1.2660. But Pandora's box suggests there could be a dimensional shift along the lines of July 16th 1996 which would sustain the rally towards the ultimate 1.3150.

How do we trade this? Well we are long expecting 1.2620-30 now to hold until the break higher or risk more consolidation and a return to 1.2520-55.

Further videos or commentaries are available from or @EdMatts on Twitter.

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