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Friday, January 31, 2014

EUR/USD - We are at wave iii target at 1.3480, but more downside is expected after a minor correction.

EUR/USD

Wave iii is pretty close to it's target at 1.3480 after the expected shallow wave (iv) correction. this correction couldn't even make it to the normal minimum target at 1.3588 (the high came in at 1.3573). Once wave iii is in place we should look for an other shallow correction in wave iv to just below 1.3573 before the final decline towards 1.3408 wave wave i of 3.

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