Forex Trading Technical Analysis (2010/11/28) EUR/USD Elliott Wave Analysis
(Please click on the forex chart thumbnail to enlarge)
11/28/2010 Forex Trading Technical Analysis (FXpath.com) – EUR/USD (daily chart) – EUR/USD fell sharply during the past few weeks from the 1.4279 region, where an impulse wave (C) completed a three wave bounce from the 1.1875 region. The decline from the highs has been very powerful and it signals for more weakness ahead since the prices also fell below the 1.3330 region. This confirms a bearish scenario and should invalidate bullish interpretations.
An impulse structure from the top is anticipated with wave 3) underway, since the recent corrective move within the downtrend completed at 1.3785, labeled as red wave 2). The minimum requirements for a wave 3) target are levels shown around 1.2950, as wave three is very rarely shorter than wave one. But a typical target would be around 1.2450-1.2500, which is around a 161.8% wave 1) extension, measured from the wave 2) high.
If you would like more Elliott Wave forecasts for the forex market, please visit www.ew-forecast.com to check out our services.
Gregor Horvat
Elliott Wave Financial Service
EW-Forecast.com
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