Retraced
Updated
On August 15th the euro had begun the second stage of its recent rise. This rise has been corrected by almost 2/3. Even the whole August rise has been corrected by almost 1/3.
May be the correction of the whole rise will fulfill the 1/3 but then I don't expect much more.
The reason is the high of August 14th that will be a serious support. It has almost been reached already.
Thus I expect the euro to continue its rise to test the resistance at around 1.1240-50.
May be the correction of the whole rise will fulfill the 1/3 but then I don't expect much more.
The reason is the high of August 14th that will be a serious support. It has almost been reached already.
Thus I expect the euro to continue its rise to test the resistance at around 1.1240-50.
Trade closed: target reached
It is not the target that has been reached but the EUR price is declining again and I prefer to take the good final profit now.
Disclaimer
The information and publications are not meant to be, and do not constitute, financial, investment, trading, or other types of advice or recommendations supplied or endorsed by TradingView. Read more in the Terms of Use.