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Tuesday, December 24, 2013

EUR/USD - Look for a break below 1.3665 to confirm wave iii is developing.

EUR/USD:

We saw minor support protect the downside for a move closer to strong resistance in the 1.3718 - 1.3740 zone. A break below support at 1.3665 is still needed to confirm, that wave ii is over and that a new powerful decline towards at least 1.3523 and more likely down to 1.3408 is developing.
As long as support at 1.3665 protects the downside we could see a correction closer to 1.3740, but with the test of 1.3717 all requirements are fulfilled.

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