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So where is the EUR moving next? That is the big question. We have a nice 3 wave pattern ending at the Dec-21st low. We favor continuing to move lower, however we want to wait at this point for the market to unfold and confirm this. A move lower should be good for nearly 130 pips if it occurs. If the EUR does move lower a correction up would follow. The EUR currently trades at 1.1874.
Same with the GBP, we favor a continued move lower, but we'll let the market reveal itself. The GBP currently trades at 1.7380
We favor the upside on the CHF, but like the EUR we are waiting for the next wave to unfold. The CHF currently trades at 1.3111.
The JPY trade netted 85 pips yesterday. A continued move lower would target the 112 - 114 area. If this currency moves lower, this should be the money wave. The JPY currently trades at 116.52.
We have been targeting the CAD to continue lower is a Zig-Zag move, however our computer model tells us it's more likely to rise to the 1.18-1.20 levels. If the 1.1727 level is broken then the upside becomes our favor direction short term.
We'd like to wish everyone around the world a Merry Christmas. We will be off Monday and resume our shows on Tuesday, December 27th.
Forex Currency trading is very risky, please read the disclaimer on our web site.
Visit us on the web at www.elliottexchange.com or at forex.podomatic.com. Good Luck and Good Trading |
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