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EURUSD reversed sharply to the downside in the last few days, clearly in five waves from above 1.3800 with a daily and weekly close price beneath the channel line connected from July’s lows.

This break indicates a change in trend, and possibly a completion of a larger three wave rally in wave E. But as always we are focused on minimum expectations for the next few days and weeks, and that is a three wave decline from the top which is also expected on the alternate count which shows an incomplete wave E from 2012 low.

Sentiment table:

sentiment eur November 13 2013 up before down

 

EURUSD 4h chart:

eurusd. technical elliott wave analysis forex trading currencies online November 12 2013