EUR/USD Possible Support At 1.3550-1.3600 Region
Gregor Horvat | Jun 10, 2014 05:09AM ET
EUR/USD fell to new low last week and hit 1.3500 where pair found a support as breakdown came out of a triangle placed in wave (iv). As such, leg down was wave (v), final leg of a five wave decline from 1.3988 that can either be part of a big flat correction or maybe even start of a new bearish trend. But in both cases we now expect a minimum three wave rally, away from 1.3500. At the moment pair is pulling down in wave (ii)/(b) that may look for a support in current 1.3550-1.3600 region, so be aware of a rally back above 1.3680.
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