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Eur/Usd bearish below 1.5000

Eur/Usd bearish below 1.5000

The price action on the Eur/Usd chart below looks weak for the near-term trade, especially after Mr. Bernanke's speech from on Monday that created volatility in the pair. After his speech the euro failed at the long test of the 1.5000 physiological level, which seems to be a bearish signal for now.

As such, the market may still be trading in a corrective channel of a more complex red wave II/B structure. Traders will look for a move into the short side of a corrective channel, near to the 1.4800 zone, so long as the market holds 1.5000 resistance.

TheLFB Charting: Eur/Usd 4 Hour Elliott Wave view

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