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The Trader Advantage: Euro Technical Play On Hold
Excerpts taken from The Trader Advantage Program
Overall View: Looking for a correction, before down-trend can continue.
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4 Hour Chart Flows: Long Price Points: 1.3642, and 1.3795 Looking for: Upward, complex correction
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: Last week's Short move from the 1.3795 highs to 1.3642 lows can now be seen as a correction, since recent moves have broken into new weekly highs. It was a Short corrective wave X), which suggests that a correction of a blue wave (4) is still far away from completion. A double zig-zag correction could be the case now, with wave A) of a second zig-zag in process. In the near-term, a small Short pull-back in a red wave B) is expected, before another leg into new highs appears.
Any move below the 1.3642 support zone will suggest that a top of a corrective blue wave (4) is then complete.
TheLFB Charting: Eur/Usd 4 Hour View
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