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EUR/USD down trend in 4 hours chart
Monday, August 17, 2015 17:01
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Trend is bearish in 4 hours chart of EUR/USD currency pair. C
urrent price action looks like A, B and C corrective wave pattern. Key resistance is present at 1.1213 price level. Based on bearish Elliott wave count, price should stay below 1.1213 price level. This means, we have a sell trading chance to join the down trend, assuming price is not going to rise towards 1.1213 price level. A bullish candlestick close above 1.1213 price level is going to in-validate the bearish market forecast and if it happens then I will stay out of the market and re-do the analysis in EUR/USD currency pair.
Source: http://www.fxinstructor.com/blog/eurusd-down-trend-in-4-hours-chart-2
