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Bearish scenario almost confirmed on EURUSD

Premium Market Reports by FXTechStrategy

Bearish scenario almost confirmed on EURUSD
Wednesday, July 1st, 2009 @ 6:19 am by Mihai Marinescu

Hi again everyone!

On Monday I was sharing with you guys 2 possible scenarios for EURUSD mid-term. Here’s the updated bearish scenario, which at this time is active:

In other words, i’m getting ready to short. But NOT RIGHT AWAY. As the first drop 1.4153-1.4000 developed in 5 waves (suggesting an impulse just starting), I’m waiting to see the correction back up, targeting 1.4060-1.4080 (a-b-c seems to be in progress already). Once this correction is over, an abrupt drop might follow (could the NFP volatility have something to do with it?), with targets as low as 1.3820. From there, the bears should start controlling the show all the way down.

Only if the correction remains well supported above 1.4080 the bulls will have their chance to stage a surprise attack tomorrow, however at this time I see the upside limited to the 1.40-1.41 area.

Happy trading!

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