EUR/USD Signal- January 2, 2013
Method: Elliott Waves
Description: As per wave counts, the trend is within a a double/triple correction, or triangle. It is testing 0.382 Fibonacci level at 1.31630. I can see two scenarios at this stage where the trend might break the Resistance level and travel upward to complete final wave five, or might for the final round to test the support level at 1.31630 before it proceed upward. However, I would suggest traders who are long to hold their position for further strength and traders who were watching the pair to wait for the best entry level near support (1.31630) or above support 1.3300.
Recommendation: Buy and Hold
Stop Loss: 1.31000
- Currency Pairs