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EURUSD reversed nicely higher few sessions back from the 1.2660 area where we can see the first signs of a bottom. The fact is that we have an ending diagonal in wave 5, which we know is a reversal pattern, and we can also see a broken channel resistance line.

EUR USD Elliott Wave Analysis November 15 2012

If we are correct, then EURUSD will move even higher in days ahead. But for confirmed change in trend, we still need a daily close above 1.2790 resistance.

If 1.2660 low is out then next support comes in at 1.2600.

If you want to find out more about our big picture for the EURUSD please check the video below which also includes analysis for GBPUSD, USD Index, GOLD, and S&P500

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