Thursday, 18 July 2013

EURUSD, showdown

Hi Traders,

The EURUSD failed to go through the major resistance at 1.32 and completed a 2-step pattern (1-2-3 upwards) as expected. If this analysis is correct the currency pair has exhausted its upwards energy and should start a downtrend.


likely: 1.2998 and the area 1.29923-1.29750
possibly: 1.28755 and 1.2818
maybe: area 1.2742-1.2754
medium term: area 1.2406-1.2389


Don't entry unless the "Wave Oscillators" in the 4-hour and 1-hour chart show "permission to entry". Possibly, seek a confirmation from the Awesome oscillator in both time frames.


The monthly chart shows that the a-b-c-d should be followed by "wave e" a long way downwards, especially in case of breakout of the major supports at 1.24 and 1.19.

The weekly chart shows that after the top at 5d the EURUSD started 5 major waves downwards, wave 1 and 2 (in magenta) already in place and wave 3 starting on.

The daily chart  confirms that after the top at 32 we also have 2 waves down and wave 3 just started.

The 4-hour chart shows the last top at 32 and that a wave downwards just started

NOTE: in the 4-hour chart that shows only the "wave oscillator" we have some "Top Cusps" showing a moderate reversal. However, the red lines are not touching yet or not close enough to give you "the go". Furthermore, the Awesome oscillator is not down to zero yet.

monthly chart, click to enlarge

 daily chart, click to enlarge

daily chart, click to enlarge

daily chart of the Wave Oscillator, click to enlarge

4-hour chart, click to enlarge

4-hour chart of the Wave Oscillator, click to enlarge

 1-hour chart of the Wave Oscillator, click to enlarge

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