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3 Mar 2015
EUR/USD to decline to a new low towards 1.0800 – EW-Forecast
FXStreet (Barcelona) - Gregor Horvat of EW-Forecast, gives the technical outlook for EUR/USD using Elliott Wave Analysis, expecting the pair to move lower towards 1.0800-1.0940.
Key Quotes
“EURUSD broke through 1.1260 support last week with a strong decline and weekly close outside of the range, so we assume that corrective blue wave (4) is now finally complete. If that's the case then it was a triangle placed in wave (4) so market is expected to continue much lower in sessions and days ahead.”
“We anticipate five wave decline to a new low, probably to 1.0800-1.0940 area.”
“In the short-term pair can retest 1.1260 to complete wave 2).”
Key Quotes
“EURUSD broke through 1.1260 support last week with a strong decline and weekly close outside of the range, so we assume that corrective blue wave (4) is now finally complete. If that's the case then it was a triangle placed in wave (4) so market is expected to continue much lower in sessions and days ahead.”
“We anticipate five wave decline to a new low, probably to 1.0800-1.0940 area.”
“In the short-term pair can retest 1.1260 to complete wave 2).”