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Guest Commentary: Making the Most Out of EUROphoria

Guest Commentary: Making the Most Out of EUROphoria

Ed Matts, MarketVisionTV.com,

* The Euro has maintained the aggressive uptrend from the 1.2045 low.

* Bullish or Bearish ultimately, the current push should not be sustained beyond our clear targets in the 1.2880-1.2980 range.

* We have therefore started selling in a flexible multiple of three looking in the short term to buy 1.28 or lower.

Guest_Commentary_Making_the_Most_Out_of_EUROphoria_body_EUR1209.png, Guest Commentary: Making the Most Out of EUROphoria

The Euro has broken up beyond the 5=1 objective of 1.2880 in a seemingly euphoric attempt at the 1.2980 previous pivot. Euphoric because however we treat the important 1.2635-1.25 correction, this last push should still be ending a trend sequence from 1.25.

We have therefore started selling for an initial return to 1.2880 (the extension point) and possible 23.6% retracement with potential later for at least 1.2800 the prospective 38.2%. Even from a bearish perspective this decline should fade above the previous 1.2750 low at first for a period of pivotal 1.2750-1.2980 consolidation.

At this point it is tempting to look to buy this drop with 1.2635 stops but for now we are selling with 1.3010 stops.

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

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

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