7 May 2015
EUR/USD might see a bearish reversal in sessions ahead – EW-Forecast
FXStreet (Barcelona) - Gregor Horvat of EW-Forecast, notes Elliott Wave Analysis suggests EUR/USD might be in the late stages of an uptrend and could see a bearish reversal in the sessions ahead.
Key Quotes
“EURUSD is at new high as expected, now trading in fifth wave of wave (C) that is approaching important 1.1400 level. In that region we see several Fibonacci level that can be very important for further direction on EURUSD.”
“Keep in mind that we see wave (C) in late stages of an uptrend, so new bearish reversal could occur in sessions ahead. Ideally, market will turn back to 1.1065 in impulsive fashion in days ahead, maybe after the NFP report tomorrow.”
Key Quotes
“EURUSD is at new high as expected, now trading in fifth wave of wave (C) that is approaching important 1.1400 level. In that region we see several Fibonacci level that can be very important for further direction on EURUSD.”
“Keep in mind that we see wave (C) in late stages of an uptrend, so new bearish reversal could occur in sessions ahead. Ideally, market will turn back to 1.1065 in impulsive fashion in days ahead, maybe after the NFP report tomorrow.”