EURUSD bounced sharply from 1.3000 psychological level at the start of January. Notice that bounce from 1.3 is very strong which typical represents third wave of a five wave Elliott Wave model. As such, we suspect that pair is at the start of a red wave 3) within an impulsive wave that may reach even 1.4000 target in 2013. With that said we will continue to look higher as long as market trades above rising channel line from November lows and above 1.3000 psychological level.
Current slow price action around 1.3200-1.3400 range in just a minor pause within uptrend.
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