EUR/USD: Temporary Pull-Back Within Larger Downtrend
Gregor Horvat | Sep 09, 2013 03:59AM ET
EUR/USD found a support on Friday after the NFP report around the 1.3100 area from where we have seen 80 pip rally back to the wave 2-wave 4 trendline. Usually when this occurs it means that five wave decline is complete and that market reversed into a temporary correction. As such, we are now tracking an A-B-C retracement back to 1.3225-1.3250 region before we may turn bearish again. In that zone we can also see a former wave four that may react as a reversal zone and cause a new sell-off for the pair.
EUR/USD 4h Elliott Wave Analysis
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