EURUSD At The Lows-What Now!?
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Aug 22 2014
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In our latest newsletter we highlighted and predicted a coming breakdown on EURUSD. Well, pair is now at the lows, it broke into wave (v) as expected, after recent sideways price action in wave (iv) that we labeled it as triangle. Triangle occurs prior to the final leg within a five wave decline, so we think that current leg down from around 1.3400 will complete an impulse of a higher degree. With that said, sooner or later market will turn up, ideally from current "triangle measurement level", but only into a temporary and just another correction. Usually when fifth waves complete the impulse structure you will see a reversal back to the area of the former wave four. In our case that comes in around 1.3400/1.3430, so we may see a solid recovery before downtrend resumes. From trading perspective, we see EURUSD at the lows, so definitely would love to wait on a solid pullback before joining the bearish move. In some rare cases this fifth wave will be extended out from a triangle, but that's not very often, so we definitely will be waiting a bounce.
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