ANALYSIS : EURUSD Daily Chart Elliott Wave
Using Elliott Wave Analysis on the European Single Currency against the United States Dollar,( EURUSD) from a monthly chart scrolled down to the daily chart as below.
( FUTURE DATES NOT VALID ON THE CHART – CHART CONDENSED TO SQUEEZE DATA INSIDE FOR EASY VIEW)
Point zero taken from the high of 14th July 2008, and the Degree – Cycle being labelled in Black roman numbers, having completed its wave 1 8th June 2010, its wave 2 having completed 5th May 2011 passing the 61.8 % Fibonacci and however not reaching the 78.6 % retrace levels . Currently in a wave 3 of the Cycle degree, having completed its sub wave structures of Degree – Primary being labelled in red in Circle wave 1 completed on the low of 22nd July 2012, and its wave 2 assumed completion on the high of 26th December 2013 , reaching 61.8 % on the Fibonacci retrace level.
Now its expectation for market to drop with its sub wave Degree – Intermediate labelled in green in brackets. We will have to see movement for downwards to fall below 1.3286 before taking any short positions.
Wave 3 of the Degree Primary ( Red in Circles), will be assumed to reach minimum at 1.09936 ( 2276 pips from 1.3286) and 2nd level at 0.92012 ( 4109 pips from 1.3286)
The Degree Intermediate will be decomposed and its sub level monitored so trades can be taken from 4 hour.