It becomes more and more obvious that European economies start recovering and coming out of the prolonged crisis seen in the eurozone and the EU. The positive tendency emerged last year and project into this one.
Indeed, Europe seems to be rising to its feet after several years of economic stagnation and recessions. The supposition is confirmed by recent economic figures reported by most eurozone economies. These figures indicate recovery. Meanwhile, more and more experts are getting increasingly positive about the near-term prospects of the eurozone. They say 2014 will be a much better year for eurozone economies.
The positive tendency is reflected by the common European currency, which has been strengthening against other major including the US Dollar over the last few weeks. Analysts are sure the currency exchange rate will soon hit 1,3800.
Masterforex-V Academy on EURUSD Prospects
As of today's early morning, the situation on the H4 chart of EURUSD indicates growth of a smaller-scale wave level (marked with blue lines) relative to bigger-scale move represented by a mid-term downtrend, which started on December 27th 2013 at 1,3889. Until the MF pivot stays unbroken at 1,3796, the red-line downtrend isn't over while the blue-line move can be considered a correction/recovery against it.
On breaking and consolidating above the top of the MF sloping channel, the price may get a chance to hit 1,3821. In this case, the mid-term downtrend will be completed. Alternatively, the price will probably go further down to 1,3685 and 1,3615.
