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EURUSD: Pull-back Within Corrective Decline

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Feb 20 2013

EURUSD is in recovery mode after a sharp fall down to 1.3300 last week. For now, rally from the lows cannot be counted in five waves and pair is also still trading well below 1.3518 invalidation level. Therefore, we think that complex corrective decline from 1.3710 is incomplete and that market will make one more push down, towards 1.3250 in this week to complete wave C of a second zig-zag that we are tracking. Pair is now testing a very important level around 1.3430/60 which appears to be ideal resistance zone for wave B; 61.8% retracement and also wave B equality from a second zig-zag. An overlap with 1.3370 would confirm the bearish view. Any new, aggressive shorts should have stops above 1.3518.


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