GS title their Euro/US dollar Elliot Wave technical analysis:
EURUSD is back to testing multi-month lows...
- The level to watch here is 1.1177-1.1156
And go on:
- All of price action since August has been corrective and overlapping. At this point, it's tough to have a strong view either way until a break from this range has been attained. Moreover, there have been two false breaks to the downside; the first in November through 1.13 support, the second in March through 1.12.
- The 1.1177-1.1156 pivot includes both the interim low from Mar. 7th as well as an ABC target off the Mar. 20th high. Meaning that up this point the sell-off continues to look corrective in nature. Would have to see a break lower than 1.1177-1.1156 to have confidence in a more impulsive decline. For now, it seems reasonable to watch for a base/reversal.
- View: So far not seen any evidence of an impulsive selloff. Next in focus 1.1177-1.1156. Wary of another base/reversal. Need it below there to consider momentum.
Please note, chart is from Friday …
