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Monday, December 23, 2013

EUR/USD - Is wave ii in place?

EUR/USD:

We could have seen a small wave ii end at 1.3709, but to confirm that, we need a break below 1.3665 and more importantly a break below 1.3632, which would call for a continuation lower towards at least 1.3523 and likely even lower towards 1.3408.

That said, as long as support at 1.3665 protects the downside we could see more correction towards the 1.3718 - 1.3740 area before the downside pressure returns.

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