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EURUSD: Price Is Approaching Resistance Zone

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Nov 18 2013

EURUSD is making a nice and slow retracement from 1.3293 low which we think it's a corrective pullback, labeled as wave 2/B. That's still only second leg counted from 1.3835 high but minimum structures are made in three legs, therefore we believe that EURUSD will turn south for a third leg of decline. Resumption of a downtrend could start soon if we consider that price has already retraced back to the area of a previous fourth wave where usually turning point occurs.



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