EURUSD Within Downtrend – Elliott Wave

EURUSD-Elliott-Wave-112113

EURUSD has finally turned bearish after very complex and slow recovery from 1.3293 low. We believe this is a corrective move that is now showing signs of completion around 1.3576. The reason is latest sharp decline through the lower support line of a corrective channel which is important break for a continuation in the direction of a trend, which is down. We expect a revisit of 1.3293 in the next few days.
Written by www.ew-forecast.com
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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