empty
 
 
15.05.2013 01:18 PM
EUR/USD analysis for May 15, 2013

This image is no longer relevant

EUR/USD Elliott Wave   
For the last few days the EUR/USD pair is trading downwards, impulsive wave 3 (coloured blue) of the bigger wave (3) (coloured green) has started developing. During the Tuesday's Asian session we could observe ascending movement from 1.2974 towards 1.3027 level and we can consider this move as the end of the corrective wave C (colored red) of the bigger wave 2 (coloured blue). Therefore, during the European and New York session when developing of the 3 wave (coloured blue) starts this major currency has dropped to the new low at 1.2914 level. Today the EUR/USD pair is trading around 1.2882 area and we expect to see the continuation of the bearish movement for the next few days. In accordance with our wave rules and taking into account that wave 3 should retrace minimum 100% of wave 1, we can define the potential targets with measuring wave 1 with take profit at 1.2771 (100% of wave 1). To reduce the risk, we can use resistance point at 1.2950 level as stop loss.
Support and Resistance
(S3) 1.2764 (S2) 1.2838 (S1) 1.2880 (PP) 1.2954 (R1) 1.2996 (R2) 1.3070 (R3) 1.3112
Trading forecast 
Proceeding from Elliott Wave rules today, the trend is expected to begin the upwards movement. That is why short  positions at level 1.2880 with stop loss at 1.2950 and take profit at 1.2771  are recommended.  

Summary
Urgency
Analytic
InstaForex Analyst
Start trade
Gana con los cambios en el valor de las criptomonedas con InstaForex.
Descarga MetaTrader 4 y abre tu primera operación.
  • Grand Choice
    Contest by
    InstaForex
    InstaForex always strives to help you
    fulfill your biggest dreams.
    UNIRSE AL CONCURSO
  • Depósito al azar
    ¡Haga un depósito en su cuenta de $3,000 y obtenga $1000 más!
    ¡En Abril, sorteamos $1000 dentro de la campaña Depósito afortunado!
    Obtenga la oportunidad de ganar depositando $3,000 en una cuenta de operaciones. Tras haber cumplido esta condición, se convertirá en un participante de la campaña.
    UNIRSE AL CONCURSO
  • Opere de forma inteligente, gane un dispositivo
    Recargue su cuenta con al menos $500, regístrese en el concurso y tenga la oportunidad de ganar dispositivos móviles.
    UNIRSE AL CONCURSO
  • 30% de bonificación
    Reciba un bono del 30% cada vez que recargue su cuenta
    OBTENER BONO

Recommended Stories

¿No puede hablar ahora mismo?
Ingrese su pregunta en el chat.
Widget callback