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Elliott Wave Service
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Jul 23 2010

Eur/Usd found a temporary bottom yesterday around 1.2731 as the equity and commodity market moved higher. The prices bounced from the black support line connected from 1.2148 region, which definitely needs to be taken out, before bears are confirmed. At the moment it is unclear, if this recent small decline from 1.3030 top is only a correction, blue wave (4) maybe, or is this already the first leg of some larger decline, red wave 1) maybe?! Traders that are bearish should pay attention on 1.3031 top which must hold.

Eur/Usd 4h chart:

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