EUR/USD Weekly Outlook and Trading Idea

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By Alexander Nikolov | November 5, 2012 5:48 AM EST


Posted on: Sunday, 04 November 2012 19:58

EURUSD: 1.2833

Short-Term Trend: weak uptrend


Well, EUR is still above the 1.2800 level but the previous bullish wave count is now less likely. That's why I adopted a new wave count shown on the chart above. If this structure is indeed unfolding, it is bearish. A solid break below 1.2800 will strengthen this view and should bring weakness twd 1.2345 eventually.
On the upside, only a move above 1.3195 will revive the previous bullish outlook.
With this in mind, the very aggressive players may trade from the short side for 1.2345 against 1.3025.

Strategy: Stand aside.

Next Update: Sun, 11/11/2012.

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