Daily Forex Outlook: EUR/USD

The chart shows my working count for the rise started from 1.5282. I think that the movement to 1.5488 is corrective in nature. If this is the case, we should see initial fall minimum to 1.5360 prior to new powerful up-move. Earlier today there was a fall but only to 1.5364 followed by a rise above 1.5488. However I still think that we should see a move down at least to 1.5360 i.e. I don’t think that the up-move has resumed. However I will be neutral at the moment because my today’s short position was closed by the movement above 1.5488. A fall below 1.5428 from here will signal that the expected fall to 1.5360 is under way.

Trading strategy: 10:59 EST; 15:59 GMT

The short position from 1.5447 was closed at 1.5495 with loss 48 pips.

Stand aside

Karoll Financial House

This analysis has only informational and educational purpose and does not represent a proposal for buying or selling currency contracts. This report will be updated every Monday, Wednesday and Friday on the next schedule:

• Daily EUR/USD Elliott Wave Outlook - Monday
• Daily GBP/USD Elliott Wave Outlook - Wednesday
• Daily USD/JPY Elliott Wave Outlook - Friday

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