Forex Charts

EURUSD – wave-v of 5 of (3) closing in on 1.3092/78 target cluster

Euro failed to close the gap window and better 1.3242. The rally to 1.3220 was just a bear flag wave-iv consolidation.

Focus will be on the US ISM report. Last month’s report came out very strong,reaching a three-year high level of 57.1.

With the initial wave-1 complete (part of an expected 5-wave rally to ~1.15),

Bounced off the 103.50 pullback and now broke bull flag resistance. 103.56 marked the low of wave-4 or wave-a of 4;

Focus will be on European and Asian data with the US closed for Labour Day.

Moving in the right direction towards our 103.50 target zone (a=c & .618(2) & prev. wave-4 low).

Euro attempted to close the Sunday night gap yesterday but failed to better the key 1.3242 level.

Market focus will continue to be on the developments in Ukraine.

Prices did pull back to our 1.0880/0850 zone to complete wave-4 and rally accordingly.

We have so far seen a modest pullback/consolidation this week.

The break of the up channel in August confirmed a major turn lower as 5-waves up of

In Euro we are focused on pinpointing the wave-5 of (3) low.