EUR/USD Signal Update - Dec. 20, 2012
Method: Elliott Waves
Description: Our previous Euro ESD trade hit its Stop Loss at 1.32500. I wanted to trade the very next correction wave (ii)/(iv) but the market beat us. However, After reviewing the USD chart as well as EUR/USD, I came to the conclusion that the USD is at its final barrier triangle in a larger correction patter and EUR/USD cross is progressing wave (iv) in a simple form. I would step out for sometime and watch wave (iv) testing 0.382 Fibonacci at 1.31450 to confirm wave (iv) completion and then I will post target wave (v) trade from that point traveling to expected 1.35300 level for a full cycle. Stay tuned for my next analysis.
Recommendation: Watch 1.31450 Level
Stop Loss: N/A
- Currency Pairs