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Daily Outlook

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EUR/USD

Fri, Jul 10 2009, 08:23 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

chart

As you know my working count suggests that the fall started from 1.4339 (3 June) is wave 4 of a terminal impulse (ending diagonal). My wave count for it is presented on the chart. When the triangle in the position of wave B of 4 is over, I would expect a sharp fall in wave C with minimum target 1.3738 and most likely target 1.3500. A confirmation for this idea will be below 1.3833. A key resistance is 1.4200. With an eye on my bearish expectations I stay on the short position opened last week.

Trading strategy: 03:34 EST; 08:34 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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