Online Forex Trading: EUR/USD Outlook
Wave 4 continues.
In an earlier set posts starting on May 10 I used Elliott wave analysis to determine that the EUR/USD was moving into a series of wave 4 patterns.
These posts are:
May 10 Elliot wave count
Unchanged view of EUR/USD
Since then I have avoided trading the EUR/USD as an option in my online forex trading. Instead I have traded the AUD/JPY and USD/JPY because I hate the way wave 4 patterns chop up my trading capital because they give such messy wave counts and my trading systems rely on a few days of trend following.
Here’s an updated chart and nothing has changed. In fact, the pattern is clearer- and hopefully coming to an end. The price target still sits between 1.253 and 1.30 with the Wave C equal to Wave A target at 1.2722.
From there the potential for a nice trend pattern for online forex trading looks good on the downside with a price target below 1.18.