Elliot Wave Forecast – EURUSD

EURUSD touched a new high yesterday ahead of the FOMC press conference but then it turned sharply lower from the 1.1300 area which we highlighted as an important resistance a few times in our past updates. Notice that the recurring fall came from that 1.1300 »Trump level«; a spike from November, when Trump won US presidency.

An updated count shows an ending diagonal on the 4h chart; a powerful reversal pattern that can cause a strong drop in the rest of the month. So technically speaking, it appears that the euro can see deeper levels now, especially if we consider that three waves down minimum should be seen. From a trading perspective, I will pay attention to that red broken trendline that may turn into a nice resistance on a pullback, after wave 2)/B).

Get the 5 most predictable currency pairs[1]

from Forex Crunch http://feedproxy.google.com/~r/ForexCrunch/~3/EHkTnwub6Gc/

from Online Forex Trading Resource
View thesource article here

Advertisements

Leave a Reply

Fill in your details below or click an icon to log in:

WordPress.com Logo

You are commenting using your WordPress.com account. Log Out / Change )

Twitter picture

You are commenting using your Twitter account. Log Out / Change )

Facebook photo

You are commenting using your Facebook account. Log Out / Change )

Google+ photo

You are commenting using your Google+ account. Log Out / Change )

Connecting to %s