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EUR/USD – Down trend in 4 hours chart
Trend is bearish in EUR/USD currency pair, four 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 wave b of a 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 1.0828 price level.
Be sure to check out daily Forex market updates via Live Trading Room. In my opinion, price action in EUR/USD is most probably going to rise up again to print a possible bullish wave c pattern to complete a Zig Zag which is going to complete corrective Wave B. So, a good idea is to first wait for a bullish wave c leg in price action and then short the market to ride the bearish wave C leg!
However; if price action of EUR/USD currency pair closes a bullish candlestick above 1.0828 key resistance level then bearish Elliott Wave count will become in-valid. Henceforth, I may jump at the chance to stay out of the market and re-analyze the EUR/USD price action.
Source: http://fxinstructor.com/blog/eurusd-down-trend-in-4-hours-chart-7
