Please Note: Blog posts are not selected, edited or screened by Seeking Alpha editors.

Chart of the Day: Eur/Usd Searching for Support

 

TheLFB NewsTheLFB-Forex.com A Forex Trader Portal

Chart of the Day:

Eur/Usd

Eur/Usd dropped more than 1000 pips after the 1.5143 top was hit, and did it in a very short period of time. Such a sharp move suggests that a new, temporary Short trend is in process. The market is now searching for the low of in impulse bearish structure in a Short blue wave 1)/A), before a Long wave 2)/B) reversal appears.

Once a Long wave 2)/B) reversal is complete, an even larger down-trend will be technically expected, in a blue wave 3)/C) leg towards the 1.3500-1.3570 zone.

The pair has traded into the 38.2% (1.4100) and 50% (1.3800) Fibonacci retracement zones of a previous red wave C distance, which also suggests that a mid-term bounce into a Long correction is expected. Bullish divergence is shown on the RSI indicator. 

TheLFB Charting: Eur/Usd daily view

 

 

 

If you would like to be a part of TheLFB.com, to receive a full Elliott wave detail for Eur/Usd, and if you want to know what comes next and what to expect from the market, then join us now.

Follow Elliott Wave charts and updates on twitter.

 

TheLFB Trader Advantage Program is a unique product



Disclosure: No positions