Search ForexCrunch

EURUSD found support on Friday after the NFP report, around the 1.3100 area from where we have seen an 80 pip rally back to the wave 2-wave 4 trendline.

Usually when this occurs it means that a five wave decline is complete and that the market reversed into a temporary correction. As such, we are now tracking an A-B-C retracement back to the 1.3225-1.3250 region before we may turn bearish again.

In that zone we can also see a former wave four that may react as a reversal zone and cause a new sell-off for the pair.

Euro_9913 September 9 2013 technical analysis elliott wave theory charts and graph