The pair has done as our previous weekly analysis expected. It moved slightly higher to complete wave (iv) green before continuing lower as expected.
We continue with our previous analysis.
8 Hourly Count: Main
- Invalidation Point:1.30483
- Confirmation Point:-
- Downwards Target:1.26061
- Wave number: (v) Green
- Wave structure: Motive
- Wave pattern: Impulse/Ending Diagonal
Elliott Wave chart analysis for the EURUSD for 02 April, 2013.
The pair is seen within wave (v) green. Wave (v) green may unfold as either an impulse or an ending diagonal, but both structures expect it to continue lower over the next week.
As per the ending diagonal scenario we may see some short term upwards movement before the pair should continue lower. We should however see an increase in downwards momentum over the next 2 days.
At 1.26061 wave (v) green would reach .618 the length of wave (iii) green. Equality with wave (i) green for a target for wave (v) green has already been exceeded.
Movement above 1.30483 would invalidate this wave count as no second wave correction within wave (v) green may move beyond the start of the first wave within wave (v) green.
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