EUR/USD: Technical Analysis

EUR/USD fell steeply yesterday, breaking through the trendline from the Jan lows until it reached a low of 1.3608. From there it has consolidated probably in an Elliot wave 4 - and it may correct a little further before the downtrend resumes. Longer term wave patterns suggest the possibility of a major bear move evolving and momentum has given a sell signal. The direction of the move out of the consolidation range will dictate the price action to follow if up wave 4 may have further to go to perhaps as high as 1.3735 if lower then probably to 1.3555 initially and then the 1.34s.

Analysis by: written by Forex4you analyst

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