27 Jan 2015
EUR/USD might decline towards 1.1000 by end of the week – EWForecast
FXStreet (Barcelona) - Gregor Horvat of EW-Forecast, uses Elliott Wave Analysis to predict that EUR/USD might decline to 1.1000 levels by end of the week.
Key Quotes
“The USD down is moving slightly down but the question is for how long as we see several corrective price action across the FX charts. On EURUSD market made a three wave bounce as expected, about we talked about yesterday when called end of an extended wave 3. Well, market retraced close to our resistance area so new bearish turn can be around the corner.“
“We are expecting a drop down into wave 5 that can decline even to 1.1000 by the end of the week. On the upside invalidation level stands at 1.1560, but a rally through 1.1430 can already threaten the bearish look.”
Key Quotes
“The USD down is moving slightly down but the question is for how long as we see several corrective price action across the FX charts. On EURUSD market made a three wave bounce as expected, about we talked about yesterday when called end of an extended wave 3. Well, market retraced close to our resistance area so new bearish turn can be around the corner.“
“We are expecting a drop down into wave 5 that can decline even to 1.1000 by the end of the week. On the upside invalidation level stands at 1.1560, but a rally through 1.1430 can already threaten the bearish look.”