Friday, July 24, 2015
The EUR/USD may have resumed it's downtrend. There's a nice topping formation near the 23% Fibonacci level, and the area of a previous 4th wave (not shown). It's a very shallow correction relative to the preceding decline, but it's a 4th wave and so 4th waves tend to be shallow sideways affairs. So the downtrend may be getting back underway here, especially if it can close to new lows beneath 1.0800. I'd be looking for shorts as long as price stays below 1.1216, but should find some stiff resistance at the moving averages shown on the charts, as well as the 23% Fibonacci level.
Here's a wave count on the hourly chart so you can see how it's unfolding from an intraday level. As long as the series of lower lows and lower highs continues, the trend is down, it's as simple as that as we start the week again.
PLEASE NOTE: THIS IS JUST AN ANALYSIS BLOG AND IN NO WAY GUARANTEES OR IMPLIES ANY PROFIT OR GAIN. THE DATA HERE IS MERELY AN EXPRESSED OPINION. TRADE AT YOUR OWN RISK.