Monday 29 July 2013

EURUSD: reversal?

Hi Traders,

If the EURUSD stays below the resistance area at 1.3300-1.3336 there's a good chance of an imminent reversal. If this analysis is correct, the current value (1.3280) could be the perfect entry point for a long downtrend.

TARGETS:

likely: 1.32057
possibly: area 1.3159-1.3147
maybe: area 1.2992-1.2975

ELLIOTT WAVES

Monthly Chart
After the top in "d" we expect a trend of 5 waves downwards, being wave 1(down) and wave 2 (up) already in place + wave 3 (down) in its infancy.
Weekly Chart
The above is confirmed by the weekly chart: the "3 soldiers candlestick"  should be followed by a downtrend.
Daily Chart + Wave Oscillator (daily)
See the wave 1 and 2 in red. Volume should pick up soon. No reversal signal in the wave oscillator (daily) yet.
4 hour Chart + Wave Oscillator (4-hour)
See the 5 waves up. Note the last wave split in 5 minor waves itself. The wave oscillator shows the early stages of an exit signal to the ongoing uptrend.
1 hour Chart + Wave Oscillator (1-hour)
See the last waves up in the 1-hour chart. The wave oscillator (1-hour) shows a reversal already.


monthly chart - click to enlarge



weekly chart - click to enlarge



daily chart - click to enlarge



wave osc. on a chart - click to enlarge



4-hour chart - click to enlarge



wave osc. on a 4-hour chart - click to enlarge



1-hour chart - click to enlarge



wave osc. on 1-hour chart - click to enlarge






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