Month: September 2015

EURUSD: Downtrend Ready to Resume

As the main count expected, the euro moved towards the upside and reached both of our targets virtually to the pip — with only a 1-pip difference.

Seeing that price reached our expected targets and that the pattern looks perfectly mature, it’s time to set our sights towards the downside, in anticipation of the larger downtrend to continue any day now.

We’re updating our counts to reflect the most recent price action and to present tighter targets and invalidation points.

Last week the euro came 2 pips short of reaching its most recent high at 1.1216. If price strongly rebounds from here, then this will prove to be a critical top for several weeks to come. On the other hand, it’s still possible for price to continue wandering about for another period of time, putting our patience (and diligence) to an even greater test.

GBPUSD: A Conservative Approach

In the previous analysis, the main count expected upwards movement while the alternate count focused on the downwards probabilities for Cable.

Cable confirmed the alternate count and both targets were reached and exceeded.

This week`s main count expects Cable to continue downwards while the alternate count expects upwards corrective movement before resuming the downtrend.

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