Monday, 3 June 2013

EURUSD, resuming the downtrend

Hi Traders,

The EURUSD - now at 1.3024 - retraced almost exactly 61.8% in 5 waves (check on your 15 min chart) and it is now supposed to resume the main downtrend to 1.2445 and lower, unless it is stopped by the major support at 1.2886.


If this analysis is correct, the EURUSD is performing a downtrend by means of  5 waves minimum - see the weekly chat below - where wave 1 and 2 are already on the paper.

Note the last vertical line in black on the right hand side: if the 36 weeks cycle is repeated, the downtrend should start this week. 


daily chart

likely: area 1.2752-1.2744
possible:  the area 1.2658-1.2688

weekly chart

likely: the area 1.2457-1.2520
possible: 1.2328

Note the cycles in the weekly chart below. Also, check the targets (blue horizontal lines).

weekly chart - click to enlarge

daily chart - click to enlarge

4-hour chart - click to enlarge

1-hour chart - click to enlarge

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