This week we predict EUR/USD rose at 1.3520/1.3720, as previous trading, EUR rose ot 1.3320 last week only to touch the 100-day moving average and pulled back. What exactly the causes, the fact that the prices remain below the declining 100-day moving average is a sign that the weak downtrend on the daily chart is still intact. And we knew and many traders assume that since the market is overbought, the trending conditions do favor a short position here just in case the volatile goes rapid
So we predict and assume EUR/USD suggests a rally ranging at 1.3520/1.3720 should be under way. When we have such conflicting messages from the trend-following methodology and from the wave count, it is best to be more deffensive while we wait the developments of Greek Debt Crisis
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