EUR/USD Elliott Wave Analysis

Posted by Forexsq 325 days ago (http://www.actionforex.com)

Forex Analysis - Although the single currency recovered initially last week, renewed selling interest did emerge as expected (we recommended to sell euro again at 1.4400) and has fallen again from 1.4442, indicated downside target at 1.4150 has been met later last week (with 250 points profit) and price fell to as low as 1.4103 today. We are keeping our view that rebound from 1.3970 has ended at 1.4696 and bearishness remains for another decline later, a break of support at 1.4073 would extend weakness to 1.4000 but break of 1.3970 support is needed to confirm decline from 1.4940 top has resumed and extend weakness towards 1.3900 (50% Fibonacci retracement of 1.2860-1.4940).

Our preferred count on the daily chart remains that a wave (II) from 1.2329 ended at 1.5145 with A-leg ended at 1.4720, followed by wave B at 1.2457, the wave C from there was also a 3 legged move and is labeled as (a): 1.3739, (b): 1.2885, the wave iii of the 5-waver (c) from 1.2885 has ended at 1.4339 and wave iv is a triangle ended at 1.3878 and wave v formed a top at 1.5145.