EUR/USD searches for a potential bottom

Market awaits FED decision later today.
EURUSD searches for a potential bottom.
Above 1.2190-1.2200 EURUSD confirms bullish continuation.

Gregor Horvat Wavetraders

Market remains slow and trapped in a tight range ahead of FOMC statement and rates decision. Investors are waiting on any hints about tapering, so USD and US yields should be watched closely today.

From an Elliott Wave perspective we see EURUSD pair still searching for a potential bottom of a wave C. Ideally there will be another and final spike down into wave five of C that can find a support at 1.2000-1.2050 area.

A bounce in five waves from that area can be very bullish for the pair, especially if it passes 1.2190/1.2200 level.

EUR/USD 4hour Elliott Wave analysis chart

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Author

Gregor Horvat

Wavetraders

Experience Grega is based in Slovenia and has been in the Forex market since 2003.

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