Search ForexCrunch

EURUSD reversed sharply from the lows last week after Bernanke’s speech. The pair moved straight up almost 400 pips in just two days.

However, the larger trend for euro/dollar is still down so we are observing a bearish wave count as far as a 1.3415 high in place.

We are tracking a corrective rally that has room for more gains in the near future as corrections are in three wave patterns, so an A-B-C recovery could reach the 1.3220-1.3250 level in the near-term.

EUR USD Elliott Wave Forecast July 16 2013 technical analysis for currency trading