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The Trader Advantage: Euro Technical Reaction To Fundamental Noise
Excerpts taken from The Trader Advantage Program
Price action has been very limited lately, trading for most of the time within the range of the prior few sessions. On the 4h charts, the euro appears to be building a symmetrical triangle formation, with the resistance trend-line connecting the Feb 09 and March 03 tops.
The symmetrical triangle formation reflects indecision, and fair value being found. Since December 09, the euro has lost 10% of its value, something that may not easily be able to build upon with a test of upside resistance first.
Overall View: Looking for a correction, before down-trend can continue.
4 Hour Chart Flows: Mixed Price Points: 1.3735, and 1.3838 Looking for: Corrective wave IV
Momentum: The euro trend went Neutral at the begining of March, after three months of short trade. It has struggled for a long time in showing a real desire to break long and hold.
Elliott Wave: On the 4h Eur/Usd chart below, we are looking for a possible triangle formation with a final wave (E) that has moved close to the upper resistance line. Wave (E) has made a three wave move, and a potential triangle count could be close to completion. The pair should be headed lower if the 1.3735 resistance, high of a wave (C) can hold. An mpulsive decline towards new lows could be seen, if the lower line of a triangle formation is taken out.
TheLFB Charting: Eur/Usd 4 Hour View
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