Friday, 9 August 2013

EURUSD wave count

Hi Traders,

The Euro stopped at the resistance at 1.3400 and completed every possible Elliott Wave count. In addition, the last rally occurred on a constantly falling trading volume (see daily chart) and performed a major double top (weekly chart).

If this analysis is correct, the currency pair has exhausted its upward energy and should start a downtrend.

TARGETS

likely: 1.3265
possible: 1.3147
maybe: 1.2998
medium term: area 1.2777-1.2742

ENTRY

There could be another (very minor) attempt to break the resistance at 1.34. Just wait wave for wave oscillator (4-hour or 1-hour chart) to give you the go.

NOTE:

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monthly chart - click to enlarge





weekly chart - click to enlarge





daily chart - click to enlarge





wave oscillator over daily chart - click to enlarge





4-hour chart - click to enlarge





wave oscillator over 4-hour chart - click to enlarge





1-hour  chart - click to enlarge





wave oscillator over 1-hour chart - click to enlarge




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