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EUR/USD: Pair May Extent To 1.3100 Before Reverses Lower

Sameer Kapoor 3 December 2012

EUR/USD reversed lower from 1.3000 psychological at the start of the week and then perfectly reversed higher again from the base channel that became a support. That was the ideal scenario for a current push higher into a wave (v) which may still rise towards 1.3090 while 1.2945 holds.

However, keep in mind that a five wave rally in wave 3 could be near completion and that we will probably be tracking a larger three wave of a pull-back this coming week.