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EUR/USD Snapshot - Could it hit 1.5600?

Posted on November 3, 2009 at 4:29 in Uncategorized by Ross Yamashita

Greetings.

We hope everyone had a great weekend and even better trading thus far.

For the EUR/USD, it seems we may potentially be forming a triangle formation - which, if is indeed the case, we will see a continuation down in the shorter term.

We were also running some different analysis and figures and saw that we may potentially see the EUR/USD hit the 1.5600 mark again.

Do you think it could do that? Well, if we’re seeing a triangle formation here, this means that the movement down cannot be a Wave 2 of an impulse. So, it seems as though we’re in a corrective phase and will see more short term down pressure followed by a long move upward.

Keep in mind we have the FOMC announcement on Wednesday and the NFP on Friday.

Good luck with trading. Apply your own analysis and be sure to use your money management.

Cheers.

Visit www.ProPipper.com for your DISCOUNT on the Currency Cowboy Trade Sheet. Take a look at the information.

Tags: Currency Cowboy Forex Trade Sheet, Currency Trading, Elliott Wave, EURUSD, Forex, FX, Pro Pipper Trading, Ross Yamashita

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