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Down trend in EUR/USD 4 hours chart

Monday, February 13, 2017 16:17
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Trend is bearish in 4 hours time frame. Key resistance level is present at 1.0828 price area. In last few trading days, EUR/USD currency pair is falling down and it looks like a bearish Leading Diagonal Wave A pattern, which is going to end soon. Next, I do expect a bullish Wave B Zig Zag leg which is going to offers us a sell trading chance, in coming trading days. So, I price of EUR/USD is going to to rise back up towards 1.0805 price level. As the trend is still bearish, we could look for a possible sell at Wave B termination point to join the down trend. However; a bullish break out in market action above 1.0828 price level will fail bearish Elliott Wave Forecast. In such case; I would prefer to stay out of the market and re-analyze the price action in EUR/USD 4 hours chart.



Source: http://fxinstructor.com/blog/down-trend-in-eurusd-4-hours-chart

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