Euro notes in denominations of fives and tens are arranged for a photograph in London, U.K., on Wednesday, Jan. 18, 2012. The euro strengthened and commodities rallied as an official at a Group of 20 nation said the International Monetary Fund is proposing a $1 trillion expansion of its lending resources. U.S. index futures rose before Goldman Sachs Group Inc. reports earnings. Photographer: Simon Dawson/Bloomberg via Getty Images
• EURUSD rising inside wave (ii)
• Likely to rise to 1.3500
EURUSD continues to rise inside the short-term corrective wave (ii) which started earlier from the support 1.1200, intersecting with the 38.2% Fibonacci retracement of the previous sharp upward impulse from May.
The active corrective wave (ii) belongs to the longer-term impulse waves 3 and (3). With the strong pro-euro sentiment seen today – EURUSD is likely to rise further toward the next resistance level 1.3500 (top of the previous correction 2 and the target for the completion of the active wave (ii)).
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