Craig wrote:Hello PipHutters,
It has been a while since my last post. I have been following the pair but took a little time off but am now back. Well, as we can see the pair has been very bullish since my last post. If you look at the chart it appears as though we are at the beginning of a new trend. The strong bearish move that started over a year ago may finally be over and we could now have formed wave 1 and wave 2 of an uptrend. If this is in fact the case, we should be near the completion of the first wave of a five wave impulse move. Wave 3 should take us to the 1.62 area. Remember, this analysis is all from a technical view point. Fundamentals have been playing havoc with price action of late. The problems in the Euro zone as well as trouble within the United States economy have emotions running wild on both sides of the ocean. For this reason, I have been very cautious on my entries, always with candlestick confirmation, and always using proper risk management when it comes to stop loss and lot size. So for now I remain very bullish on the pair and hold only long positions and will continue to do so as long as price action continues to be bullish.
Good Luck All,
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