Did USD Just Bottom? Did EUR Just Top?
Find out free -- now, during Forex FreeWeek at elliottwave.com!
By Elliott Wave InternationalLate last week -- and then again on Monday -- EURUSD, the world's most traded forex pair, fell sharply. In fact, the euro lost almost 200 pips, or two cents, against the buck.
Here's a chart of that decline, copied from our Currency Pro Service (partial Elliott wave labels shown):
However, forex markets rarely move in a straight line. Even if the euro top is in, temporary rallies are inevitable.
Indeed, on Tuesday morning, EURUSD rebounded -- but the recovery stalled after retracing a Fibonacci 38.2% of the prior decline and within the area of the fourth wave of one lesser degree. Again, this Currency Pro Service chart illustrates this attampted rally for you:
The fourth wave of lesser degree often acts as resistance -- and appears to have done so in this instance.
Did the euro just peak? Did the dollar just bottom?
Well, wonder no more. The good news is, you can get our most up-to-date forecasts for EURUSD (plus, the Japanese yen, British pound and more) now, completely free, during the ongoing Forex FreeWeek!
FreeWeek (Oct. 19-23) is 100% free to Club EWI members and EWI subscribers. Simply put, you get full access to our premier Currency Pro Service: new forex forecasts for 11 forex pairs, 24 hours a day. There is no catch, and we won't ask for your credit card number.
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