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EUR/USD Wave Analysis for November 20, 2012

2012-11-20 13:00:07 (читать в оригинале)

EUR/USD Elliott Wave
Since our last analysis the EUR/USD pair was trading in an upward movement, impulsive wave (1) (coloured purple of the bigger 3 wave (coloured blue) was developing. During the Monday's Asian and European sessions we could observe ascending movement from 1.2740 towards the 1.2787 level. Therefore, during the New York session this major pair continued trading in a bullish mood and the price reached a new high at 1.2819 level. We can consider this move as the end of the (1) wave. At the moment the EUR/USD pair is trading around 1.2800 level and we are expecting to see the price at 1.2911 level today. In accordance with our wave rules and taking into account that the wave 3 should retrace 161.8% of the wave 1, we can define the potential targets with measuring wave 1 with take profit at 1.2911 (161.8% of wave 1). To reduce the risk, we can use invalidation at 1.2765 level as stop loss.

Support and Resistance
(S3) 1.2711 (S2) 1.2741 (S1) 1.2760 (PP) 1.2791 (R1) 1.2821 (R2) 1.2840 (R3) 1.2871

Trading Forecast
Proceeding from Elliott Wave rules today, the trend is expected to begin the upward movement. That is why long positions at level 1.2820 with stop loss 1.2765 and take profit at 1.2911 are recommended.

 

The material has been provided by Instaforex Company - instaforex.com