Euro did correct like I suggested in my last post and hit my first big correction target of 740-790. Now the question is, if it keeps dropping or if this was it for bears. Either way, I see this is as a good zone to start buying, even if it may drop some more. But PA suggests that the bottom is here or near. We had amazingly positive data from the US on friday and yet, euro bears didn’t manage to make much from it. After an initial whipsaw, price went back up and closed only around 15 pips lower than what it was before the news. This could give bulls an advantage into next week. We have major inflation news on tuesday and wednesday, but if there are no surprises there, EU should remain bullish until the FED meeting on wednesday. What happens after FED, is yet to see. And we also have ECB and BOE on thursday, so a busy week, with a lot of volatility. And probably the last volatile week of the year, as vacation time is near and the market will be slow between Christmas and New Years.
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