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ImperialFXonline: Technical Analysis Report - EUR/USDImpulsive decline from 1.3094 remains in progress
The euro has declined again after the brief bounce from 1.2235 was capped at 1.2445 yesterday and the impulsive decline from 1.3094 (possibly the 5th wave of the selloff which commenced from 1.3692) is likely to extend towards the pseudo-psychological 1.2000 level but with both daily and weekly oscillators in very oversold regions, the support at 1.1827 should hold from here and a minor 4th wave upward correction should follow to allow the indicators to unwind.On the upside, a move back above 1.2445 would signal a temporary low formation and result in an upward retracement to 1.2523 with potential for stronger gains to 1.2730/40 would follow, however, the resistance at 1.3094 is expected to hold and an exhaustive fall is likely to complete the decline from 1.3692.With the early fall below 1.2886 comes a more bearish outlook for the euro with another leg of decline from 2008 record high of 1.6038 unfolding as a C-wave, the downtrend from 1.5145 is more likely a 5-waver with 1: 1.5145-1.4218, 2: 1.4579 and the 3rd and 4th waves have been completed at 1.3435 and 1.3818. The 5th wave commencing from 1.3818 is also an extended move with 1: 1.3818-1.3267, 2: 1.3692 and the third wave of this is under way, with the eventual target for the entire fall from 1.6038 pointing at the 2005 low of 1.1640. The breach of the 2008 low of 1.2330 will allow us to change the major pivot to 1.3267 (as opposed to 1.3692 or 1.3818) and above this level would indicate that the 5-waver C from 1.5145 is over and a correction of the downtrend from 1.6038 would follow.Join Us and Strategize Your FX Trading!www.imperialFXonline.comDisclaimer: Imperial Forex has taken reasonable measures to ensure the accuracy of the information of this article, however, does not guarantee its accuracy, completeness and timeliness, and will not accept liability for any loss or damage which may arise directly or indirectly from the content. Imperial Forex will not accept any liability for loss or damage as a result of reliance on the information contained within this article or on its website including data, quotes, charts and buy/sell signals.
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