Visitors Now:
Total Visits:
Total Stories:
Profile image
By FX Instructor (Reporter)
Contributor profile | More stories
Story Views

Now:
Last Hour:
Last 24 Hours:
Total:

Bearish Triple Zig Zag in EUR/USD 4 Hours Chart

Monday, October 24, 2016 10:41
% of readers think this story is Fact. Add your two cents.

(Before It's News)

10-24-2016 10-15-41 PMTrend is bearish in EUR/USD currency pair, 4 hour time frame. As I have suggested past week during my daily Live trading room session, market is falling down on a short term basis to complete Triple bearish Zig Zag Elliott Wave pattern and traders should look for a sell trade. So, all those Forex traders who have followed the analysis have made the right decision as the price has descended. Strong key resistance level is present at 1.1040 price level.

Be sure to check out daily Forex market updates via Live Trading Room. In my judgement, price action in EUR/USD is now going to drop more towards 1.0770 price level to complete a bearish corrective Elliott wave pattern, in coming trading days.

Currently; Bearish Triple Zig Zag Pattern looks in-complete and price action offers a possible Sell trade setup to join the down trend. However; if price of EUR/USD currency pair breaks above 1.1040 critical resistance level then I might like to stay out of the market and re-examine the four hour chart of EUR/USD currency pair.

Report abuse

Comments

Your Comments
Question   Razz  Sad   Evil  Exclaim  Smile  Redface  Biggrin  Surprised  Eek   Confused   Cool  LOL   Mad   Twisted  Rolleyes   Wink  Idea  Arrow  Neutral  Cry   Mr. Green

Top Stories
Recent Stories

Register

Newsletter

Email this story
Email this story

If you really want to ban this commenter, please write down the reason:

If you really want to disable all recommended stories, click on OK button. After that, you will be redirect to your options page.