EUR/USD: wave 5 expected
Euro-dollar has been correcitng Friday’s fall but will probably roll-over now and resume its descent. This correction has now reached a band of resistance at 1.2680/90 consisting of the monthly pivot and an old trend-line on the hourly chart as well as a major trend-line on the 50 pip box-size chart. It is probably an elliot 4th wave and is likely to revisit the 1.2623 lows in wave 5 at the least.
Analysis prepared by:
Joaquin Monfort
Forex4you analyst
Posted: January 16th, 2012 under Technical Analysis.