Investing.com - Financial Markets Worldwide
Get 40% Off
Get 40% Off
👀 👁 🧿 All eyes on Biogen, up +4,56% after posting earnings. Our AI picked it in March 2024.
Which stocks will surge next?
Unlock AI-picked Stocks

EUR/USD: New Low Ahead

ByAlexandros Yfantis
Published 01/09/2013, 07:34 AM
Updated 07/09/2023, 06:31 AM

The EUR/USD is trading near 1,3050 right now. Although the pair managed to reach just above 1,31, back testing the broken upward sloping trend line as expected, it did not have enough fuel and buyers to support it.

The rising pattern from 1,30 is overlapping and not impulsive. The only viable bullish scenario is that we are now inside a smaller degree wave ii up. However this version has several drawbacks. The second wave ii is too much bigger than the larger degree wave II, something that is not usual. Therefore bulls should be very cautious as prices could retest 1,30. If that's broken, prices would then test the 76,8% retracement at 1,2975.
<span class=EUR/USD 2 Hours" title="EUR/USD 2 Hours" width="557" height="391">
After the back test, prices have started to move downwards making lower lows and lower highs. This is characteristic of a down trend. Confirmation will come if prices break below 1,3015 low. Until then, the following bullish wave count is the most probable scenario.
EURUSD 2 Hours 2
Those who favor short positions and believe that 1,2975 will be achieved, could use as a stop, the last high made at the 1,3098 level.

Disclosure: None of the information or opinions expressed in this blog constitutes a solicitation for the purchase or sale of any security or other instrument. Nothing in this article constitutes investment advice and any recommendations that may be contained herein have not been based upon a consideration of the investment objectives, financial situation or particular needs of any specific recipient. Any purchase or sale activity in any securities or other instrument should be based upon your own analysis and conclusions.

3rd party Ad. Not an offer or recommendation by Investing.com. See disclosure here or remove ads .

Latest comments

wow, could you have been any more wrong on this call?
did you read the article or just the headline....and after you read it, check the previous posts I made about eurusd..inside the post I mention that the bullish scenario is the most probable and that 1.3015 should be used for bulls stop and 1.3098 for bears....there you go....
additionally my initial post as you can see in my site has questionmarks on the title, something that the editor here omitted.
Install Our App
Risk Disclosure: Trading in financial instruments and/or cryptocurrencies involves high risks including the risk of losing some, or all, of your investment amount, and may not be suitable for all investors. Prices of cryptocurrencies are extremely volatile and may be affected by external factors such as financial, regulatory or political events. Trading on margin increases the financial risks.
Before deciding to trade in financial instrument or cryptocurrencies you should be fully informed of the risks and costs associated with trading the financial markets, carefully consider your investment objectives, level of experience, and risk appetite, and seek professional advice where needed.
Fusion Media would like to remind you that the data contained in this website is not necessarily real-time nor accurate. The data and prices on the website are not necessarily provided by any market or exchange, but may be provided by market makers, and so prices may not be accurate and may differ from the actual price at any given market, meaning prices are indicative and not appropriate for trading purposes. Fusion Media and any provider of the data contained in this website will not accept liability for any loss or damage as a result of your trading, or your reliance on the information contained within this website.
It is prohibited to use, store, reproduce, display, modify, transmit or distribute the data contained in this website without the explicit prior written permission of Fusion Media and/or the data provider. All intellectual property rights are reserved by the providers and/or the exchange providing the data contained in this website.
Fusion Media may be compensated by the advertisers that appear on the website, based on your interaction with the advertisements or advertisers.
© 2007-2024 - Fusion Media Limited. All Rights Reserved.