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EUR/USD daily

Mon, Nov 17 2008, 16:43 GMT
by Dimo Dimov

Karoll


Elliott Wave Analysis

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image 1

The chart shows my working count for EUR/USD. As is shown on the chart, the movement after 1.2388 is sideways in huge borders 1.2328 – 1.3297. All movements shown on the charts are corrective in nature which signals a potential triangle started from 1.3228. If this idea proves to be correct, we should see further sideways movement in coming weeks and I guess we could be in wave C of the potential triangle. Only a fall below 1.2388 would signal that the triangle could be already over with potential downside target 1.1640. However as long as this level stays unbroken, I will favor long positions to 1.2900 as is shown on the chart.

Trading strategy: 10:50 EST; 15:50 GMT

Long position from 1.2536, stop loss - 1.2385, target - open

This analysis has only informational and educational purpose and does not represent a proposal for buying or selling currency contracts.




Archive

  • EUR/USD
    Published On Fri, Jul 10 2009, 08:23 GMT
  • EUR/GBP
    Published On Wed, Jul 8 2009, 12:29 GMT
  • EUR/USD
    Published On Fri, Jul 3 2009, 10:32 GMT
  • USD/JPY
    Published On Wed, Jul 1 2009, 07:55 GMT
  • GBP/USD
    Published On Thu, Jun 25 2009, 14:12 GMT
  • [ View All ]

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This analysis has only informational and educational purpose and does not represent a trade proposal.

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