Trade Notebook
Currency Pair : EUR/USD Date: Thursday, August 20, 2009
Bullish view
Elliott Wave:
Here we have a double zigzag with lots of potential to go to the upside. It would still be a wave C and should not go past the 1.60 top.
Classic:
The trendline that has been holding since Feb is still holding and prices bounced off indicating short term strength.
Bearish view
Comment:
Elliott Wave:
A leading diagonal could be forming, but also a start of a big move down in form of wave 3 in which I prefer the latter scenario as it counts a little better.
Classic:
A series of lower highs have been developping and we can see a downtrend forming. A break of the Feb channel at 4135 is needed for further weakness, 4335 needs to be taken out to be bullish.
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This newsletter gives trade setup information for use of the author. This is not trading advise and the author shall not be responsible for trading losses if the reader decides to trade upon the information herein.
Trading, especially currency trading , can and will cause huge losses.
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