Monday, August 24, 2015

EurUsd New Outlook

On 4th August, I posted a forecast titled Eurusd about to complete a triangle on Eurusd based on elliot wave analysis and followed the intraday moves on the Eurusd Intraday Analysis page.

The conclusive paragraphs of this analysis are quoted below.

"The [X] leg of the prospective double zigzag is about to complete a triangle (an elliot wave corrective pattern) and a break above the B-D triangle line will validate a move to advance Eurusd to 1.16-1.18.
Price is expected to complete the last leg of the triangle which should end at 1.081. A break below this level will invalidate the entire forecast."
Price did not penetrate 1.081 but broke the triangle upside in a renewed bullish interest of a journey that is presently shy of 1.14 (about 200pips away from the stated target).

Price could continue soaring to the stated targets or beyond before the bearish trend resumes especially if the 1.1385-1.145 resistive region is penetrated.

Alternatively, further advance to the north could be resisted as price could prepare for larger triangle formation as illustrated in the chart below.

If the elliot wave scenario above is validated, price could dip from the present position in a new zigzag formation before advancing to complete the triangle after which price could continue the bearish trend.

Follow Eurusd Intraday Analysis here>>>>

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