The pair moved higher recently, and price action suggests at least one more push higher towards the 1.3800-50 area, before a larger down-trend can be seen.
A move from the 1.3434 lows can be counted as an upward corrective move of a blue wave (4), labeled as a red A)-B)-C) with a triangle in the middle. Once the top of a red A) at 1.3735 was taken out prices simply exploded higher, into an impulsive wave C) that may reach the 1.3800-50 area, where a top could easily be put in place. At this a turning point, and a powerful down-trend will be expected.
Follow Elliott Wave charts and updates on twitter.
TheLFB EurTheLFB Charting: Eur/Usd 4h ciew
Written by TheLFB Trade Team, © 2007-2008 LFB Services, LLC. All rights reserved. http://www.TheLFB-Forex.com
TheLFB Risk Disclaimer can be found at http://www.thelfb-forex.com/content.aspx?id=174.
The Copying, Broadcast, Republication or Redistribution of TheLFB Content is Expressly Prohibited Without the Prior Written Consent of LFB Services, LLC.
About the Author
Written by TheLFB Trade Team, © 2007-2008 LFB Services, LLC. All rights reserved. http://www.TheLFB-Forex.com
TheLFB Risk Disclaimer can be found at http://www.thelfb-forex.com/content.aspx?id=174.
The Copying, Broadcast, Republication or Redistribution of TheLFB Content is Expressly Prohibited Without the Prior Written Consent of LFB Services, LLC.
Add this page to your favorite Social Bookmarking websites
