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Thursday, October 3, 2013

Elliott wave analysis of EUR/USD - More upside to come?

EUR/USD

The break above 1.3452 was a game changer (see my post from September 8 here: http://theelliottwavesufer.blogspot.dk/2013/09/elliott-wave-analysis-of-dji-eurusd-and.html) and called for a rally higher towards 1.4400 and 1.4550, However,  we have to consider the big inverted S/H/S bottom, which would call for a rally even higher towards 1.4900 before wave E of the large B-wave triangle is finally over.

Short term a break below 1.3462 will frustrate this picture, but only a break below 1.3325 will invalidate the bullish picture and call for more downside pressure.

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