EUR/USD fell to new 2 year lows and flirted with the 1.23 line. It is probably awaiting the ECB decision for the next move. What’s next? The team at Nomura sees two interesting lines aligning nicely: Here is their view, courtesy of eFXnews: The break of 1.2360 in EUR/USD means the downtrend has been reasserted and the 5-wave decline is not complete, notes Nomura. This, according to Nomura, opens the way for 2 possible scenarios for this new leg down: “The first Elliott option is that our wave-4 label was correct and now wave-(v) of 5 is still completing the final push lower to long-term trend support at 1.2260 (wedge support on this 4-hour chart is 1.2250),” Nomura projects. “The alternate and more bearish option is that all the trading from early October was a bear triangle consolidation and a deep decline to 1.21/20 is just beginning,” Nomura adds. Short-term, Nomura sees the next big support zone is 1.2260/50 where wedge support and a long-term uptrend align. “Resistance is now 1.2360 and then 1.2420. 1.25 is a critical upside level to change the bearish trend and EW count,” Nomura argues. For lots more FX trades from major banks, sign up to eFXplus By signing up to eFXplus via the link above, you are directly supporting Forex Crunch. Yohay Elam Yohay Elam Yohay Elam: Founder, Writer and Editor I have been into forex trading for over 5 years, and I share the experience that I have and the knowledge that I've accumulated. After taking a short course about forex. Like many forex traders, I've earned a significant share of my knowledge the hard way. Macroeconomics, the impact of news on the ever-moving currency markets and trading psychology have always fascinated me. Before founding Forex Crunch, I've worked as a programmer in various hi-tech companies. I have a B. Sc. in Computer Science from Ben Gurion University. Given this background, forex software has a relatively bigger share in the posts. Yohay's Google Profile View All Post By Yohay Elam Forex News Today: Daily Trading News share Read Next EUR/JPY: Weakens On Correction FX Tech Strategy 8 years EUR/USD fell to new 2 year lows and flirted with the 1.23 line. It is probably awaiting the ECB decision for the next move. What's next? The team at Nomura sees two interesting lines aligning nicely: Here is their view, courtesy of eFXnews: The break of 1.2360 in EUR/USD means the downtrend has been reasserted and the 5-wave decline is not complete, notes Nomura. This, according to Nomura, opens the way for 2 possible scenarios for this new leg down: "The first Elliott option is that our wave-4 label was correct and now wave-(v) of 5 is still completing the… Regulated Forex Brokers All Brokers Sponsored Brokers Broker Benefits Min Deposit Score Visit Broker 1 $100T&Cs Apply 0% Commission and No stamp DutyRegulated by US,UK & International StockCopy Successfull Traders 9.8 Visit Site FreeBets Reviews$100Your capital is at risk. 2 T&Cs Apply 9.8 Visit Site FreeBets Reviews$100Your capital is at risk. 3 Recommended Broker $100T&Cs Apply No deposit or withdrawal feesTrade major forex pairs such as EUR/USD with leverage up to 30:1 and tight spreads of 0.9 pips Low $100 minimum deposit to open a trading account 9 Visit Site FreeBets ReviewsYour capital is at risk. 4 T&Cs Apply Visit Site FreeBets ReviewsYour capital is at risk. 5 Recommended Broker $0T&Cs Apply Trade gold, silver, and platinum directly against major currenciesUp to 1:500 leverage for forex trading24/5 customer service by phone and email 9 Visit Site FreeBets ReviewsYour capital is at risk.
