By: Fadi Steitie
Trend Expected Direction: Down within a falling channel.
Method: Elliott Waves and Fibonacci Trading.
Description: Looking at the overall picture of EUR/USD, We can notice a clear falling channel where the current trend is traveling in wave E or to its last destination. I can not decide where the currency are going to land in a week or two from now but I can predict it later when more waves unfolds. Now looking into a little details in the current correction that probably divide wave (a) from (c) and to keep in mind that the stream is going down, A two Zigzags completed a flat correction as only a prediction and a leading diagonal let's say as of wave i. In such scenarios, wave ii fall down to .0764 before it proceed for wave (iii). In this regard, I would wait until price 1.31060 and buy on the bounce for further wave (iii) until wave (v).
Target Area: Open
Stop Loss: 1.30800