This article must be checked first before reading the current one, otherwise the charts below can’t be understood in the proper context. Here is the link -
Within the coming month of December, I expect Euro-USD to make a MAJOR bottom, a Long-term one and begin a new rally towards 1.60 and beyond. The long-term chart was discussed on the 23rd June post (Link above). Here the last corrective leg and my reasons for this much bullishness have been shown below in the charts. It essentially comes to a Double Corrective finishing a larger degree Extracting triangle, where the last leg of the Double Corrective is again an Extracting Triangle. Classical pattern followers can also recognize it as an Inverse Head & Shoulder in the making.
In the Daily chart below, the brown square is the possible bottoming zone (if 1.2660 is not the bottom already). The invalidation level for all this bullishness comes to 1.2144. That would be the Stop-loss for the long-term investors. I would accumulate Euro once again in any dips with the said SL.
USD-INR, on the other hand is showing signs of exhaustion and if Dollar-bulls don’t take any quick step, they are destined to face a lot of pain. They still can save their hide, but it better be fast and powerful.
I would wait for a break of the red channel to take positional shorts. The first target in that case would be 53.60.
P.S. The dashboard of the new blog “Chart Concepts” is giving some problem and I can’t add new IDs there at this moment. My apologies for this delay. As soon as I can remedy the problem, all the PROPER requests would be met. One consolation, you are not missing anything new there. All the material there so far, has been republished here. So bear with me for some more time.