Complex Correction On EURUSD Points Towards New Lows

Daily Forex Technicals |

Written by Elliott Wave Financial Service |

Nov 16 16 09:29 GMT

EUR/USD moved up strongly to 1.1300 area last week ahead of the US election results, where market found a very strong resistance. The reason for this turning point was a structure from a daily chart where we saw a complex correction in late stages, so recovery from 1.0847 was only a final piece of that pattern; ideally wave E of IV. Notice that market turned sharply lower, now beneath 1.0850 which is a very strong and important evidence for a change in trend from bullish to bearish mode. That said, be aware of more weakness, especially after any minor corrective bounce in three waves.

About the Author

Elliott Wave Financial Service

Trading forex, futures or futures options carries a high level of risk, and may not be suitable for all investors. The possibility exists that you could lose some or all of your initial investment; therefore you should not invest money that you cannot afford to lose. Our website and the information provided here should not be relied upon as a substitute for extensive independent research before making your investment decisions.

In no event will we be liable for any loss or damage on your account in connection with, the use of our products.

Complex Correction On EURUSD Points Towards New Lows