By: Mike Kulej
The EUR-USD, after falling to 1.1875, seems to have a bottom there. It is still too early to tell if that was a long-term reversal or only a start to a corrective move within the prevailing bear market. However, on the intermediate term bases, the trend is up.
This trend appears to be strong. It reached the 1.24 price level, an over 500 pips advance in about 10 days. On this magnitude chart, the price follows a steep trendline, indicating a very healthy trend. For as long as this trendline holds, the trend is intact. Even if broken, then the last low at 1.2240 must be taken out, before this intermediate term is reversed.
A test to this bullish run up is just ahead, at 1.2450. This past high provides an important resistance, which must be broken for the direction to continue. Should this happen, price could be expected to go to 1.2670. For right now, the EUR-USD is in an intermediate term bullish trend, with no sign of reversing.
Intermediate Term Trend In EUR/USD
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