By Waves Strategy Advisors, Following is published in alternate day Global research report "The Global Waves". For more information visit www.wavesstrategy.com or write to helpdesk@wavesstrategy.com
EURUSD - The world’s most popular forex pair has been consolidating since last month between the range of 1.30-1.33.
Euro-dollar exchange rate fell as the U.S. dollar took the upper hand or euro weakness has been explained by forex analyst to support the day movement.
On other hand, Elliott wave pattern on chart warned our clients before the fall and asked them to refrain from creating any fresh long position in this pair. Below we have shown EURUSD daily chart which is picked up from the Global research report – “The Global Waves”
EUR/USD Daily Chart:
Anticipated on 15th May 2013:
Happened till now:
Wave Analysis:
We have been accurate in capturing two days fall in EURUSD, prices breached the strong support of 1.300 levels decisively and made a low of 1.250 till now.
After one month sideways action between the range of 1.30-1.33, yesterday prices have closed below 1.300 for first time and formed a big bearish bar. As per wave perspective, prices have ended minute wave a of minor wave (b) near 1.32 and currently moving in the form of minute wave b.
There is more to the above analysis which is clearly discussed in our alternate day Global research report.
It's the crowd psychology of the forex traders that moves the markets, not the news. Don’t strike out on the next, near-term opportunity in EURUSD. Subscribe to the Global Research - The Global Waves which cover Bullions, International Currency pairs and DJIA. For more information write to us at helpdesk@wavesstartegy.com or call us on +91 9920422202/+ 91 22 288313588 or visit www.wavesstrategy.com
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