EUR/USD: 20 September - 20 November, 2013
After we've seen dollar weakness from the previous FOMC no taper announcement, it looks like EUR/USD still has some bulls left before the next meeting in December.
Price looks to retrace a bit after strong momentum reaching overbought state, correction should be in the range between 1.3400 and 1.3330. Before going bullish again for the final target.
An AB=CD pattern starting from mid July and time-extended by x1.618 predicts price to hit a supply zone in the range between 1.3800 to 1.3900.
Retracement should end by mid October, while the rally should end around mid to end of November. Leaving some time before the Q4 announcement on 17 December which is almost certainly a tapering of QE.
Price looks to retrace a bit after strong momentum reaching overbought state, correction should be in the range between 1.3400 and 1.3330. Before going bullish again for the final target.
An AB=CD pattern starting from mid July and time-extended by x1.618 predicts price to hit a supply zone in the range between 1.3800 to 1.3900.
Retracement should end by mid October, while the rally should end around mid to end of November. Leaving some time before the Q4 announcement on 17 December which is almost certainly a tapering of QE.
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