Market Overview
Yesterday in early Asian session we could observe downward movement of the EUR/USD pair to the 1.3100 level (200EMA Support). European session continued in bullish mood and the price reached a low around 1.3025, in New York session we could observe slight upward movement and price filling opening gap at 1.3138.Today in Asian session this major tests again 200EMA where this pair can find big support and push back to opening price, we can expect a test around 1.3160 level before we see EURO/DOLLAR above 1.3200
Yesterday in early Asian session we could observe downward movement of the EUR/USD pair to the 1.3100 level (200EMA Support). European session continued in bullish mood and the price reached a low around 1.3025, in New York session we could observe slight upward movement and price filling opening gap at 1.3138.Today in Asian session this major tests again 200EMA where this pair can find big support and push back to opening price, we can expect a test around 1.3160 level before we see EURO/DOLLAR above 1.3200
Support and Resistance levels
(S3)1.2986 (S2)1.3029 (S1)1.3056 (PP)1.3100 (R1)1.3143 (R2)1.3170 (R3)1.3214
(S3)1.2986 (S2)1.3029 (S1)1.3056 (PP)1.3100 (R1)1.3143 (R2)1.3170 (R3)1.3214
Important News
(EUR)French Trade Balance
(EUR)German Industrial Production m/m
(USD)Fed Chairman Bernanke Testifies
(USD)IBD/TIPP Economic Optimism
(USD)Consumer Credit m/m
(EUR)French Trade Balance
(EUR)German Industrial Production m/m
(USD)Fed Chairman Bernanke Testifies
(USD)IBD/TIPP Economic Optimism
(USD)Consumer Credit m/m
EUR/USD Elliott Wave Analysis
Euro-Dollar Pair finishes 1 wave of bigger iii wave at 1.3140 level, wave 2 is over at 1.3089 and we are currently in 3 wave.Concerning our wave rules and assuming that wave 3 will finish at 161.8% of wave 1 we can project our potential targets level with Fibonacci extensions(1.3026-1.3140-1.3089) to 1.3205 level(100% of wave 1) and 1.3273(161.8% of wave 1)we can use end of wave 2 for our stop loss.
Trading Forecast
Proceeding from Elliott Wave Rules the trend is expected to begin the upward movement to go higher today. That is why LONG position at levels 1.3150 with Stop Loss at 1.3090, Take Profit 1 at 1.3205 and Take Profit 2 at 1.3273 are recommended
Proceeding from Elliott Wave Rules the trend is expected to begin the upward movement to go higher today. That is why LONG position at levels 1.3150 with Stop Loss at 1.3090, Take Profit 1 at 1.3205 and Take Profit 2 at 1.3273 are recommended
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