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Elliott Wave Charting: Eur/Usd Down-trend Channel


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Elliott Wave Charting: Eur/Usd

 

An impulsive decline from the 1.5143 red wave B) top is shown, which suggests that a new, Short daily chart trend on euro has formed. The final leg of that pattern, a blue wave (5) has recently found the bottom at 1.3266 region, from where an upward bounce was seen over the past week. However, it is still unclear and unconfirmed if the bottom of a whole five wave decline is already in place or not.

The overall trend remains in Short mode, since price action is still well below the 1.3817 wave (4) top, and a falling trend line resistance. Our bias is Short, which means that wave (5) may show us an extended structure, before the low of a black wave I is hit and a corrective reversal of a black wave II made. A move below the 1.3266 low will put 1.3000 and 1.2800 targets in play.

TheLFB EurTheLFB Charting: Eur/Usd daily view

 

 

 

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