Wednesday, 29 November 2017

The Euro next move

Hi Traders,

After a small rebound to 1.18-1.19, the EURUSD (now at 1.1852) should resume the downtrend. First intermediate target: the area 1.174-1.172

ELLIOTT WAVES

The monthly chart and the weekly chart reveal that the Euro might have  entered a pattern that could last years in the making. If this is the case, the present wave configuration is the typical wave 4 of a downtrend which is made of:
  • three-five waves up to 1.21 (wave a),
  • three waves down to 1.08 (wave b), 
  • followed by five waves up to 1.30 or so (wave c). 
At present, the Euro seems to be running wave b down to 1.08.

The daily chart and the 4-hours chart show a small downtrend made of five waves, four of which are fully deployed already. The fifth wave down just started unfolding.

NOTE the target at 1.174-1.172 in the 4-hours chart and the target at 1.136-1.124 in the daily chart.



Monthly chart. Click to enlarge






Weekly chart. Click to enlarge






Daily chart. Click to enlarge






4-hours chart. Click to enlarge






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