Monday, January 27, 2014

EUR/USD - Look for acceleration to the downside soon.


EUR/USD

Wave 2 ended at 1.3740 and it should be a matter of time before we will see a break below important support at 1.3663, which confirms a continuation lower towards at least 1.385 and possibly even lower to just below 1.3507 in wave i of 3. The ideal target for wave 3 is at 1.3096, but wave 3 could extend even further towards

Short term look for resistance in the 1.3701 - 1.3705 area to protect the upside for the break below 1.3663.


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