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Daily Outlook

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EUR/USD

Fri, Jul 3 2009, 10:32 GMT
by Dimo Dimov

Karoll


Elliott Wave Analysis

For more information and subscription to the full daily and weekly Elliott Wave analysis on Majors please e-mail to Dimo Dimov If you'd like to receive the daily updates for the US stock indices, please e-mail to anikolov@karoll.net

EUR/USD chart

EUR/USD has formed at least few years high last year at 1.6038 (15.07.2008). The subsequent sell-off was very sharp but turned out to be corrective in nature – flat correction. Wave A of it finished at 1.2549 (4 December 2008) and the following movement is wave B. My wave count for the said wave B is presented on the chart. I label it as a flat with currently developing wave c as a terminal impulse with extended fifth wave. This terminal impulse is still far from completing and I expect initial fall below 1.3738 (the most natural target is 1.3500) in wave iv. When wave iv is over, I would expect a sharp rise in wave v of c for 1.5500 (the minimum length for wave 5 in such a case is the length of the beginning of wave 1 to the end of wave 3). From a short term point of view I am currently short after yesterday’s fall below 1.4000 and I will look later for a level for a strategic long position once I see a fall below 1.3738

Trading strategy: 05:30 EST; 10:30 GMT

Short position from 1.3999, stop loss - 1.4205, target – open


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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Legal disclaimer and risk disclosure

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

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