Technical Analysis

Elliott Wave Analysis: EURUSD Found A Top, Weakness Is Already Here

Typography

EURUSD touched a new high last week ahead of FOMC press conference, but then it turned sharply lower from 1.1300 area that we highlighted it as an important resistance region. An updated count shows an ending diagonal on 4h chart placed in wave C; a powerful reversal pattern that can cause a strong drop for this month with minimum three waves down. Currently we see price in wave 2)/B) trading at resistance here near 1.1200.

EURUSD, 4H

Author: Elliott Wave Financial ServiceWebsite: http://www.ew-forecast.com/
Elliott Wave Financial Service
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