Eur/Usd Pattern and Price Bullish Reversal Imminent

Daily Forex Technicals | Written by TheLFB-Forex.com | Aug 11 08 06:04 GMT |

Euro has reached the maximum typical W.A retracement for the smaller-timeframe W.5:5:5 The impulsive nature of this retracement is consistent with a W.A. Price is likely to reverse 50-62% of this first leg of a potential ABC correction off the 15 July high to 1.5470-1.5604. Multiple-Timeframe Momentum: Bullish The impending bullish reversal on the daily oscillator and the oversold weekly oscillator indicate that price is approaching a low lasting several days. The reversal from bearish to bullish momentum is reflected in the bullish reversal on the sixty-minute oscillator, which suggests that net price movement will be higher over the next few hours or even days. Analysis: Long side may be setting up Bullish momentum and price position suggest that EURUSD has reached a temporary low and will higher over the next several days. Because this is a counter-trend trade, trade only half a full position and use less ambitious targets. Plan: Wait for the daily oscillator to make a bullish reversal. On a break above the most recent minor swing high, looking for the market to go Long around 1.5019 using 1.4905 as support. Resistance area 1 1.5331 = Risk/Reward 1:2.8. Resistance area 2 1.5465 = Risk/Reward 1:4 Written by TheLFB Trade Team, © 2007-2008 LFB Services, LLC. All rights reserved. http://www.TheLFB-Forex.com TheLFB Risk Disclaimer can be found at http://www.thelfb-forex.com/content.aspx?id=174. The Copying, Broadcast, Republication or Redistribution of TheLFB Content is Expressly Prohibited Without the Prior Written Consent of LFB Services, LLC.