Currency: EUR/USD
Trend Expected Direction: Down
Method: Elliott Waves and Fibonacci Levels
Description: In technical view the pair has formed a motive wave after it retraced 50% of the previous major drop (I) that started on 20 Jun at 1.27240 ended on 24 July at 1.20450. With a correction pull back that hit 50% at 1.2400 a spike took action down to 1.21720 which I assume as a new start of wave 1. If my assumption is correct, a correction should retrace 0.618 up to or near 1.2300 almost a 100 pips. If that scenario happened, I will plan to short the pair one more time with open target for expected longer wave (III). Lets watch the movement for now and decide accordingly.
Recommendation :Short and Hold when trend near 1.2300
Target Area: Open
Stop Loss: 1.23700
