EURUSD Rally Over?

Ville Vainio

Since the upwards correction has extended, i have made a small revision on my charts. The Fibonacci expansion tool on the chart shows that EURUSD has almost advanced to 161,8% Fibonacci expansion level at 1.136. This is a measurement of the relationship between corrective wave A and C (wave C would be 1.618 times waves A) This is important wave relationship in Elliott wave theory and gives good target for the correction to end.

If this revision is correct, next larger move will be the start of next impulsive wave down. The correlation on other Euro pairs is supporting the view of weaker Euro in the coming weeks. When we see the start of next impulsive wave down, we can start to project target and look for good trading opportunities.

EURUSD 4 Hour Chart

EURUSD 4 Hour Chart

EURUSD Daily Chart

EURUSD Daily Chart

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Source: forexdaybreak.com

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