Elliott Wave Bias Table
| Symbol | Bias | Time Frame | Invalidation | Objective | Chart Links |
|---|---|---|---|---|---|
| EUR/USD | s (5/15) | 1.3028 | <1.2796 | View Chart | |
| USD/JPY | pending | View Chart | |||
| GBP/USD | s (5/1) | 1.5285 | <1.5112 | View Chart | |
| USDOLLAR | flat | View Chart | |||
| USD/CHF | l (5/6) | .9520 | 1.0100 | View Chart | |
| AUD/USD | s (5/8) | .9845 | .9700 / .9605 | View Chart | |
| USD/CAD | flat | View Chart | |||
| NZD/USD | s (4/30) | .8215 | .8055 | View Chart | |
| OIL | flat | View Chart | |||
| GOLD | flat | View Chart |
EUR/USD Resistance Extends to 1.2948; Bearish Below 1.3028
4Hour

Chart Prepared by Jamie Saettele, CMT using Marketscope 2.0
Are you new to FX or curious about your trading IQ?
FOREXAnalysis: Bigger picture, a EURUSD head and shoulders top would be confirmed on a drop below 1.2743. Only above 1.3028 would suggest something bigger on the upside. I wrote Monday to “expect resistance from 1.2910 to 1.2934. The former is the underside of the broken downward sloping channel. The latter is the 4/4 reversal day close and 61.8% retracement of the rally from 1.2744.” 1.2934 has held so far but a final push into Elliott channel resistance (dashed line) and specifically 1.2948 (where the rally from the low would consist of 2 equal legs) isn’t out of the question before a run at 1.2744/96.
FOREX Trading Strategy: With the rally into 1.3028, reward/risk is favorable against 1.3028 for a run at 1.2796 and maybe 1.2744. Be careful about pressing the short side below 1.2796 however…a drop to there could complete 5 waves down from 1.3242. This is why the target is for listed as below 1.2796.
LEVELS: 1.2744 1.2795 1.2833 1.2934 1.29881.3028
Latest Topics in the Forex Trading Forums
|
EURUSD H1 2013 by Antrax Today at 11:35 |
EURUSD H1 2013 by Gregory McLeod Today at 11:34 |
Discuss GBP and JPY Pairs by Alejandro Zambrano Today at 11:31 |
EURUSD H1 2013 by tirex Today at 11:28 |

