EURUSD did a straight bullish move starting from 17/03 (I notice it as the beginning of Fibo lines isn't caught at this screenshot). Subsequent decline (started 22/03) looks like typical correction move: please, pay attention that 1.422 peak is higher than previous 2 wave highest price value:

Currently price could be finishing its second 3 wave, that can mean the beginning of another bullish move on EURUSD and another high. Confirmation is shown lower: 3 wave has an evident 5-wave structure.

I've put long positions on EURUSD. Of course, it's not definite that 1.402 level is our short-term low (although it'd prove 1.4000 support level); e.g., correction can be extended. Also there's an open question if I've recognised the bullish wave right, if it really starts from 1.385 level. 

I'm sure that most of you have trading expreience with EURUSD; some have their own view on the pair's current situation. I will be pleased to hear (I mean, read) from you: what do you think about this pattern?

 

Views: 14

Tags: EURUSD, Elliott, Fibo, analysis, technical

Comment by PRISCILLA SMITH on March 28, 2011 at 12:44pm
U r right..I hv put a buy level 1.4022

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