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Tuesday, February 25, 2014

EUR/USD - Wave 2 should terminate soon.

EUR/USD

I'm still looking for for the termination of wave 2 and the start of an impulsive decline in wave 3 lower towards at least 1.3145. However, as long as minor support at 1.3685 protects the downside we could see one more minor high closer to resistance at 1.3818, but at no point should we see a break above the top at 1.3894 as that would invalidate the bearish Count and call for a continuation higher towards 1.4249 before wave E of the major B-wave triangle finally terminates.

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