EURUSD – 1.2400 before 1.4200 !

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EURO-Dollar-min

Monthly: As shown on the monthly chart below, the pair is trapped inside a triangle, after topping at 1.3710 levels last Feb, the pair declined to 1.2745 levels affected by the bearish divergence of %R on monthly chart, then retraced to 1.3415 levels, and found a dynamic resistance  , this scenario is bearish , a monthly close below 1.2954 – Jun law – will pave the way towards 1.2400/200 levels before  the big rise towards 1.4200 levels..

Weekly: On weekly chart, the pair collapsed from 1.3415 levels, affected by the bearish divergence of %R Williams on weekly chart, added to that, Head and Shoulders pattern is under development on weekly, look at shaded triangle on weekly chart below, I expect a fall towards 1.2400 levels in the upcoming’ weeks .

Daily : as you see in  daily chart below, 12165 – 03 Aug 2012 low – and 1.2392 – 03 Aug 2012 high – lifted the pair last Aug 2012 towards 1.3171 levels, as I see, those levels are likely to contain any decline , and strong rebound to the upside is strongly suggested , basically I think the EURO will decline towards 1.2200/400 levels until next Oct 2013, then strong rise almost 1000/1200 pips is expected .The EURUSD is likely to try taking out 1.3710 levels between Mar-Jun 2014.

MARKET DATA

UPCOMING ECONOMIC EVENTS

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