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EURUSD Turns Up For A New Correction; Resistance Seen At 1.1200-1.1500

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Mar 23 2015

EURUSD bears are approaching our wave C)=A) projection level on a weekly chart at 1.0300 so we need to be aware of a possible bullish turn sometime this year. However, we still need to respect the current direction of a trend which is down despite some bounce last week, back to around 1.1000 level. We see that bounce as just another correction within downtrend. We just think that it's more "safe" to label the wave count in the direction of a trend and always be ready for "more" bears in a falling market and bulls in an uptrend. From an Elliott Wave perspective we see wave IV now unfolding that can retrace back to 1.1200-1.1500 area of a former wave four from where new leg down may occur.




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