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EURUSD: Prices Up Before Down

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July 26 2013

EURUSD is moving higher for the last few days but on very low volume and momentum, which is usually an early signal for a trend change. This is clearly evident on RSI with bearish divergence. From an Elliott Wave Perspective we can also see a three wave A-B-C rise from 1.2750 which is a structure of a corrective price action. As such, traders must be aware of a bearish reversal especially if we consider a shape of an ending diagonal which is a trend-reversal pattern. An impulsive fall from highs and down to 1.3160 will be a first but strong indication that rally is complete and that EUR is headed lower.






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