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Friday, January 10, 2014

EUR/USD - Expect more wave 2 action before lower.

(Please click on the chart to see it better)
EUR/USD:
 
We did see one last high above 1.3622, but the following decline was much more powerful than expected and has forced me to change the count slightly. That Means we could have ended the wave 2 correction at 1.3633 or the decline from 1.3633 could be an x-wave call for more wave 2 correction. I do think the correction we have seen, has been to small to be all of wave 2 and therefore prefer the x-wave count calling for more upside action towards 1.3691 before wave 2 is over.  

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2 comments:

  1. UnknownJanuary 10, 2014 at 9:58 AM

    Hi EWS audnzd made good progress yesterday looks like i ii iii iv v in 5 15 30 min what support are you looking for around 1.0770 ?
    Great Charts as always and in advance have a great weekend Best Regards jt

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    1. Elliott wave surferJanuary 10, 2014 at 10:57 AM

      Hi JT,

      Thank you very much.

      I will be looking for support in the 1.0759 - 1.0768 area for a break above 1.0805 and more importantly a break above 1.0860, which will be calling for 1.0906 and higher.

      Also a great weekend to you too.

      Kind regards
      EWS

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