Jan 10 2013
Traders be aware that despite current sharp intra-day rise from 1.3135 support, the whole price action from January 4th is corrective. The reason is a three wave rise to 1.3140 which we know is a corrective movement, now part of a larger complex pattern. From an Elliott Wave perspective we are tracking two possible patterns, where both legs (a) and (b) are made in three waves like in our EURUSD live example below. we are talking about flat where wave (c) could rally back above 1.3140 or even triangle if price remains sideways after ECB press conference.
Bottom line: Current rise is part of ongoing correction and sooner or later EURUSD should turn beneath 1.3000.
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