Webinar: EUR/USD Tries For End of Year Highs
The video above is a recording of a US Opening Bell webinar from December 18, 2017.
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We are still bullish EUR/USD so long as prices are above 1.1554. We think this has the potential to retest 1.20. The pattern we are following is that of an ending diagonal. If so, we are still early in the pattern and possibly on the front edges of the third wave higher. Here is the idealized shape if we are in the ending diagonal pattern.
A break below 1.1554 would turn us bearish the pair. Therefore, so long as we are above 1.1554, the bulls are in charge.
We have been talking about gold and silver prices extensively over the past couple of weeks (here is the recording of last week’s webinar recording “Silver and Gold Downtrends Mature Near Target Zones”). Though prices have not run as low as we anticipated, it is possible the downtrend for these metals is over at smaller degree as each has carved what can be counted as complete bearish a-b-c zigzag pattern.
Here are some Elliott Wave resources shared on the webinar.
---Written by Jeremy Wagner, CEWA-M
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DailyFX provides forex news and technical analysis on the trends that influence the global currency markets.