The pair has done as our previous weekly analysis expected. It continued lower only to reverse upwards again and essentially moved sideways.
We continue with our previous analysis having updated the structure slightly.
8 Hourly Count: Main
- Invalidation Point:1.34585
- Confirmation Point:-
- Downwards Target:-
- Structure: Impulse
Elliott Wave chart analysis for the EURUSD for 22 March, 2013. Please click on the charts below to enlarge.
The pair is seen within wave (iv) green and upwards movement over the next few days is expected to complete wave c orange. Once wave (iv) green is complete, the pair should continue lower within a new impulse for wave (v) green.
Once we see movement below wave b orange, then it would be highly likely that wave (iv) green is complete.
We can not provide a downwards target as wave (iv) green is seen as incomplete.
Movement above 1.34585 would invalidate this wave count as wave (iv) green may not move into the price territory of wave (i) green.
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