Daily Forex Outlook: EUR/USD

Daily Forex Technicals | Written by Karoll Financial House | Sep 01 08 13:47 GMT |

The chart shows my working count. I think that the last two weeks movement is a bearish triangle which could be already over. In such a case one should expect a new low below 1.4570 from here (possible target is 1.4500). From short term point of view a key resistance is 1.4666. As long as we stay below it, I would favor the scenario for a finished triangle and a direct fall below 1.4570. However in a case of a rise above it, I would assume that wave E of the triangle is not over yet and I would expect in such a case a rise to 1.4730 prior to beginning of the expected movement for a low below 1.4570

Trading strategy: 09:35 EST; 14:35 GMT

Short position from 1.4775 (double position) and additions to it from 1.4738 (double position), 1.4723 (double position) and 1.4619 (double position), stop loss for the whole position - 1.4670, target - 1.4500

Confidence level - high

Karoll Financial House

This analysis has only informational and educational purpose and does not represent a proposal for buying or selling currency contracts. This report will be updated every Monday, Wednesday and Friday on the next schedule:

* Daily EUR/USD Elliott Wave Outlook - Monday
* Daily GBP/USD Elliott Wave Outlook - Wednesday
* Daily USD/JPY Elliott Wave Outlook - Friday

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