empty
 
 
23.07.2012 10:45 AM
EUR/USD Under 1.2000 Today - Analysis July 23, 2012

This image is no longer relevant

EUR/USD Elliott Wave
Last week the EUR/USD pair was trading in an upward move developing corrective wave (4) (coloured green) of the bigger (5) wave (coloured orange). During the Friday's European and New York sessions we could observe a strong descending movement towards the 1.2142 level. Today this major pair opened Asian session with 20 pips gap and price is currently trading around 1.2110 level. At the moment the EUR/USD pair is developing the last (5) wave (coloured green) of the bigger (5) (coloured orange) and we are expecting to see price under 1.2000 level today. In accordance with our wave rules and taking into account that the wave 5 retraces 100% of the wave 1, we can define the potential targets by measuring 1 wave with Take Profit at 1.1983 (100% of wave 1). Resistance at 1.2175 point can be used as Stop Loss. Also it is necessary to monitor the EU Consumer Confidence data that can change the rate of the pair.
Support and Resistance
(S3) 1.2057 (S2) 1.2110 (S1) 1.2142 (PP) 1.2195 (R1) 1.2248 (R2) 1.2280 (R3) 1.2333
Trading Forecast
Proceeding from Elliott Wave rules today, the trend is expected to begin the downward movement. That is why short positions at level 1.2105 with Stop Loss 1.2175 and Take Profit at 1.1983 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 Febrero, 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