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We have seen some moves against the USD in the last 24 hours but still nothing significant, so these legs can be part of corrections that are now taking place within a larger USD trend.

On EURUSD we are still looking at the idea of a triangle pattern that we showed you yesterday. For now, resistance for wave (c) at 1.2510 holds very well, but we still would need a decline through the 1.2391 bearish level to confirm a straight move down into wave 5.

EURUSD 1h Elliott Wave   Count #1

EURUSD Bearish scenario number 1 for euro dollar trading November 12 2014 technical outlook for currency trading

 

The second count for EURUSD shows the idea of a zigzag in wave 4 that would come in play only if 1.2510 is taken out. In that case we will keep an eye on 1.2540-1.2580 resistance area, where the pair could look for the  end of recovery.

EURUSD 1h Elliott Wave Count #2

EURUSD November 12 2014 Bearish scenario number 2  for euro dollar trading technical outlook for currency trading