Posted on July 07th, 2009 in Currency Trading News
A EURUSD trade is setting up for bears.? The rally from 1.3876 was in 3 waves (corrective) and may have actually completed a complex correction from 1.3925.? The decline from 1.4057 is impulsive, which suggests that the larger trend is down.? Expect a recovery during the Asian session in order to correct the 5 wave decline.? Initial resistance is 1.3962.? 1.4000 is the 61.8% of the decline from 1.4057.? In summary, expect a recovery back to 1.3960-1.4000 prior to resumption of the larger downtrend.
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