EURUSD more downside expected

Greek Stock Market analysis review
November 21, 2014
Κρίσιμες οι επόμενες 2 συνεδριάσεις για το ΧΑ
November 24, 2014

With the current upward move towards 1.26 we completed wave 4 of the downward impulsive move that started on early May from 1.40. Friday was the day that the new downward wave 5 has started as price got rejected at 1.26 and broke below short-term support and brought the pair back to its lows at 1.2360.

eurusdEURUSD remains below the Ichimoku cloud and I expect a bounce towards 1.2450-1.25 to give the last opportunity to go short before a sharp decline towards 1.22-1.21 comes. As long as price is below 1.26 and the black trend line resistance I believe trend is bearish and we should expect a wave 5 down to complete the entire decline from 1.40.

Concluding, I remain bearish with targets near 1.20 or below as long as we are below 1.26. Any upward bounce I consider it to be a sell opportunity.

Alexandros Yfantis
Alexandros Yfantis
Fascinated by financial markets, studied International Securities Investment and Banking in the UK, works as a Portfolio Manager in Greece and runs a technical analysis website. Enjoys travelling and spending time with his family and preparing for the black belt in Korean Karate.