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EURUSD made a three wave rally this week. This move has been expected in wave 4, but now the pair is already turning lower again after having completed a zig-zag at the 1.3000 psychological level.

We can see that the price broke through the lower side of a corrective channel which is a very important evidence for further EURUSD weakness, this time to 1.2680/1.2730 for wave 5.

Critical level now stands at 1.3000; bearish trend below it.

EURUSD Technical Elliott Wave Analysis May 23 2012 for currency trading forex