Since February 22, EUR/USD (the euro-dollar exchange rate and most-traded forex pair) has rocketed almost 300 pips -- to close the week near $1.3840.
That's a move any forex trader would have loved to catch. But those who only looked at the mainstream forex news headlines on February 22 probably missed this rally. See:
- Euro zone teetering on brink of recession (Feb. 22, Reuters)
- FOREX-Euro ends flat vs dollar as Greek realities weigh (Feb. 22, Reuters)
- Euro, shares weaken as growth outlook darkens (Feb. 22, Reuters)
You had to be crazy to go long the EUR after reading that, right? Fortunately, you do have other options. For example, that same day, Elliott Wave International's forex-focused Currency Specialty Service sent this intraday update to subscribers:
Posted On: Feb 22 2012 9:14AM ET / Feb 22 2012 2:14PM GMT
Last Price: 1.3244
[Higher] Key Levels: 1.3198 EURUSD should continue higher in a thrust from the proposed triangle. A new high above 1.3294 represents minimum expectations, and the rally is likely to extend north of 1.3322.
And here's the result:
Want to test our forex Elliott wave forecasts for yourself? You're in luck.
BONUS: Get an instant FreeWeek pass now and watch the latest, February 24, video by Currency Specialty Service editor, Jim Martens, where he explains the analysis behind the bullish EUR/USD forecast described above.
EWI's Forex FreeWeek is here! February 22-29
Watch our latest forex videos and read the latest Elliott wave forex forecasts now, 100% free, as part of EWI's ongoing Forex FreeWeek.