EURUSD: Bearish Waves Moving Toward 1.3200-1.3150-Elliott Wave Analysis

EURUSD

EURUSD is finally trading lower, clearly in impulsive fashion from 1.3400 which is a third leg of decline, but ideally it represents an impulsive wave 3 of a larger five wave move. Notice that price also broke and closed beneath the rising trend-line of an ending diagonal which is another and very important sign of a changed trend, from bullish to bearish mode. If we are correct, then pair is now heading down to 1.3150 in the near term.
EURUSD 4h chart Elliott Wave Analysis
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Gregor Horvat, based in Slovenia, has been in the forex markets since 2003. He is a technical analyst and individual trader who has worked for Capital Forex Group and TheLFB.com. He also is founder of forex services on www.ew-forecast.com. EW-Forecast.com provides technical analysis of the financial markets, highlighting behavioral patterns based on the Elliott Wave Principle (EWP). Website: http://www.ew-forecast.com