- April 5, 2012
- Posted by: Ramki Ramakrishnan
- Category: Euro
The EURUSD found support yesterday at 1.3105, quite precisely as anticipated using Elliott Wave analysis.(see yesterday’s outlook for the EURUSD). The recovery stopped at 1.3164 and the downmove has been aggressive. I think there exists a small chance for a clean out to 1.3005/1.2995 and if that happens, it should present us with a low risk buying level for the next few sessions, perhaps taking it back to 1.3160 after meeting some initial resistance at 1.3105 the prior low.
PS This analysis used a 10 minute chart, and clearly is meant for short term traders.