Daily Forex Outlook: EUR/USD

The chart shows my working count for the movement started from 1.4629. I think that this level is a temporary bottom and we should see some recovery in next 2-3 months to 1.5150 – 1.5500 zone. This movement should be corrective in nature which suggests big movements in both sides but euro should not fell below 1.4629 and the overall short term trend should be up.

My shorter term wave count is shown on the chart and I expect to be currently in wave C for a high above 1.4907. With an eye on this idea I entered long. In a case of a fall below 1.4694 there will be a signal that wave B is not over yet but 1.4629 should stay out of reach for the moment.

Trading strategy: 10:06 EST; 15:06 GMT

Long position from 1.4755 and addition to it from 1.4755, stop loss - 1.4690, target - open

Add to the long position again on dips to 1.4765, stop loss - 1.4690, target - open

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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