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EUR/USD – Elliott wave sell trade +147 Pips profit

EUR/USD – Elliott wave sell trade +147 Pips profit
Tuesday, October 18th, 2016 @ 6:12 pm by Muhammad Azeem

About Muhammad Azeem:

Muhammad Azeem Mr. Azeem is a pure technician and solely employs technical market analysis in trading. He believes that the news is just the catalyst for technical events. In his opinion, prices are so far ahead of any news story as every conceivable fundamental possibility has already been discounted. Muhammad is a regular participant in the FX Instructor Live Trading Room.

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EUR-USD-147 pips profitTrend is bearish in EUR/USD currency pair, 4 hour time frame. As I have suggested past week during my daily Live trading room session, market is falling down on a short term basis to complete bearish running triangle pattern which is part of a larger version of a bearish Double Zig Zag Elliott Wave pattern and traders should look for a short trade. So, all those Forex traders who have followed the analysis have made the right decision as the price has descended. I also made +147 pips profit. Strong key resistance level is present at 1.1205 price level.

Be sure to check out daily Forex market updates via Live Trading Room. In my judgement, price action in EUR/USD is now going to drop more towards 1.0950 price level to complete a bearish corrective Elliott wave pattern, in coming trading days.

 

Currently; Bearish Running Triangle Pattern looks complete and price action offers a possible Sell trade setup to join the down trend. However; if price of EUR/USD currency pair breaks above 1.1205 critical resistance level then I might like to stay out of the market and re-examine the four hour chart of EUR/USD currency pair.

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