EURUSD: Bearish Reversal In Progress; Three Legs Down

EURUSD reached new highs in this week around 1.3415 from where we have seen a sharp fall yesterday , clearly in impulsive fashion. As we know, impulses show direction of a trend or change in trend, so we think that EURUSD has reached a temporary top and that pair is headed lower, minimum in three waves even if decline will be corrective.  We will be tracking A-B-C legs to the downside. Pair could hit 1.3150 in the next few trading days.

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Comment by talisman on June 21, 2013 at 11:15am

i d say thats a great assessment.  a strong move against the main trend can certainly be seen as the start of a larger correction, or even a trend change. you ve got your plan in general, but what specifically do you need to see to get you short?

Comment by Gregor Horvat on June 21, 2013 at 11:24am

Hi, I have seen enough. I am already short with the minimum size on my personal account. but ideally, we will see a three wave rally (now unfolding) for even higher "better" entry prices. but in case bias is down. traders however have different ideas, some will go short at market some will wait on pull-back.

Comment by talisman on June 21, 2013 at 1:28pm

sounds smart, good luck.  I agree with you but I m the guy waiting for the pullback . thx for your opinion

Comment by nutz on June 21, 2013 at 9:22pm

hi gregor,   I too trade EW and am patiently awaiting the larger move of wave 3 back down as well as usd correction to pleased my count agrees with excellent chart including the  alt 4 designation......i will recommend any newcomers to EW to see your work with TF and perfect labeling......tyvm for your contribution...couple of nice shorts already here it is friday @ close right now and i am flat on eu.   wishing you the best..


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