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Elliott Wave Analysis: EURUSD Temporary Corrective Rally In Progress

By () · January 13, 2014 · Comments Off on Elliott Wave Analysis: EURUSD Temporary Corrective Rally In Progress
EURUSD · Elliott Wave, Elliott Wave Analysis, Elliott Wave Forecast, eurusd chart, EURUSD Elliott Wave, eurusd forecast, eurusd signal

EURUSD moved higher on Friday which should not be a surprise as we know that after every five waves correction follows. We can count impulse down in red wave 1) so current upward reaction is normal. We are tracking wave 2) that represents a contra-trend reaction that should be made by three legs. We will be tracking A-B-C waves up to 1.3700-1.3750 region from where pair could turn down again, back to 1.3543. Critical, or invalidation level remains at 1.3891; as long it will hold, trend is down.

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