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Elliott Wave Analysis of EURUSD (Long Term)


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#1
Nouf

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From its interception in 1999, we can clearly see that its pushed higher in a 5 wave advance into the 2008 peak at 160, although the data goes back further than 1999, i suspect its simply calculating the difference if we were using the same currencies today that make up the EURO

But for this post i will simply start at the date the EURO was a valid currency which was 1st Jan 1999

Source: http://en.wikipedia....ory_of_the_euro

The obvious pattern is a triangle, and working wave [E], there are still 2 outstanding targets at 13480 and the 138-13830 area where there is a confluence of fibbo resistance

How it gets to those targets is going to be the problem that traders will need to solve, although personally i like the idea of seeing 13480 if 132s can hold

But there is a more bullish idea if 13257 can hold, although holding 132 still can setup for a move higher, its just based on any declines



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Long term targets are focused on the 1.10 area
To be there for the good times, you got to be there all the time - Ben Lichtenstein





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