By: DailyForex.com
Currency: EUR/USD
Trend Expected Direction: Down
Method: Elliott Waves and Fibonacci Levels
Description: We hit the profit taking level yesterday at 1.28350 which technically completed a %100 of the second ZigZag correction. Both falling corrections separated by a minor flat have not yet reached its level which might be around %50 of previous reactionary wave that started earlier in August. Now second Correction was not much different from the first one. Does the third and last one getting more complex? Highly possible with expanded flat that expected to reach 1.29370 at 1.618 Fibonacci in relation to the flat itself. I do still believe that EUR/USD has more room to fall further but when? I decided to step out of the market today and watch what is hidden in the next correction and how it will progress, and in the same time, I will keep my eye on 1.29370 level as a SELL SIGNAL for maximum trade efficiency. Once that done, I will post the probability of next Target level and Stop Loss. Finally I will post a follow up this evening or tomorrow morning to update trades on how the current correction is going in this pair. Wish you all a great day
Recommendation: Step aside and watch 1.29370 level.
Target Area: N/A
Stop Loss: N/A
