Elliott Wave Pattern: EUR/USD

07/16/2012

Elliott Wave Pattern: EUR/USD

EUR/USD spot 4-hour chart

Pattern: impulse wave down. The decline from May 4 is in five waves [(1),(2),(3),(4),(5)], the current decline is wave (5). This decline appears to subdivide into five waves [1,2,3,4,5].

Next move: wave 4 up followed by wave 5 down

Target: wave 4 to find resistance near 1.2300, wave 5 down to 1.2050

Posted by Better Trader on 07/16/2012 at 12:14 PM in Elliott Wave, EUR/USD, Technical Analysis | Permalink

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Better Trader

07/16/2012