Join The Community

Search

Wednesday, 16 November 2016

EUR/USD Daily Analysis









General overview for 16/11/2016:

The alternative count of a big triangle in wave 4 turned out to be the correct one. Just before the US Presidential Campaign termination, the last wave of the triangle has been completed and since then the market  is declining towards the green trend line. The first wave of this decline, wave 1, is almost completed, so now it is time for an internal correction, wave 2. The projected target level for this wave is 1.0850, but if the correction ends sooner than expected, then the decline will be bigger.In order to invalidate this bearish scenario, the market would have to break out above the wave 4 top at the level of 1.1300.

Support/Resistance:
1.0709 - Intraday Support
1.0775 - Technical Resistance
1.0850 - Projected Target Level for Wave 2
1.1300 - Invalidation Level

Trading recommendations:
This might be the anticipated triangle break out, so only a sell orders should be considered*.

*The market analysis posted here is meant to increase your awareness, but not to give instructions to make a trade.



★★★★★★★★★★★★★★★★★★★★★★★★★★★★★★★★★★★★★★ 
My blog www.elliottfxtrader.com is taking part in Blog of the Year 2016 contest organized by FxCuffs Expo. If You like my analysis, then please vote for me!
How to vote:
1. Click on this link: http://konkurs.fxcuffs.pl/blog-roku/?kan=Blog%20Sebastiana%20SELIGI
2. First blank field: NAME and SURNAME (required)
3. Second blank field: TELEPHONE NUMBER ( not required)
4. Third blank field: E-MAIL ADRESS (required)
5. Click on Privacy Policy(check) field at the bottom.
6. Then click on Wyslij button and You are done!
Thank You Very Much! 
PS: Close AdBlock!★★★★★★★★★★★★★★★★★★★★★★★★★★★★★★★★★★★★

0 comments:

Post a Comment

Note: only a member of this blog may post a comment.

 
Don't Forget To Join US Our Community
×
Widget