Wednesday, July 23, 2014

Elliott Wave analysis of EUR/USD - Long term trend-line support broken

EUR/USD break below the long term trend-line support seen

We have seen the first daily close below the long term trend-line support, which indicates much more downside to come. We already had an impulsive count towards the downside, so the break below the trend-line support is no surprise and just confirms, what we already was looking for.
Short term we will be looking for a decline to 1.3444 as long as minor resistance at 1.3478 protects the upside, but the short term downside pressure is maturing fast and from 1.3444 or upon a break above 1.3478 look for a correction towards 1.3500 and likely even 1.3528 before lower again. 

Remember that corrections during third waves tend to small or even sub-normal.

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