EUR/USD: Follow Up Of The Short Term EWP

By: TheWaveTrading | Wed, Sep 5, 2012
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Tomorrow we have a major event risk:

ECB will announce/implement decisions.

Some of the news should already be priced in but, if the current resistance area located at 1,2622 is breached with an eod print, I would not rule out another "surge" towards the next resistance located in the 1,2750 area.

Below in the daily chart, don't pay attention to the count off the May 1 peak, but instead watch the 2 mentioned horizontal resistance layers.

Wave Trading Chart
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Regarding the EWP off the July 24 low I have 3 options within a Double Zig Zag:

Wave Trading Chart
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Wave Trading Chart
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Wave Trading Chart
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Tomorrow morning I will most likely abstain from posting since I want to see the price reaction to the ECB statement.




Author: TheWaveTrading


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