Presented by Elliott Wave International Page didn't print? | Close Window [x]

Home > Currencies
EUR/USD Falls Hard: What's Next? Find Out FREE
You can forecast currencies without relying on the news and economic reports.

By Editorial Staff
Thu, 04 Feb 2010 13:15:00 ET
Add to Facebook Add to Twitter Add to Facebook Printer Friendly Get the RSS feed Add to more social media services
Get Elliott wave insights like this article when you sign up for EWI's free email newsletter, The Independent. It will change the way you view the markets forever. Privacy

On February 3 and 4, the EUR/USD fell hard, giving the U.S. dollar a 300-point (or pips) advantage.

The mainstream forex analysts blamed the euro weakness on the fact that "European Central Bank President Jean-Claude Trichet was unable to allay festering concerns over Greek sovereign debt, which investors worry could infect other euro-zone economies." (The Wall Street Journal) 

But could you have seen this EUR/USD decline coming before Mr. Trichet made his statement? Yes.
 
On the evening of Wednesday, February 3, Elliott Wave International's intensive Currency Specialty Service posted this intraday forecast:
 
 
EURUSD (Intraday)
Posted On: Feb 3 2010 6:30PM ET / Feb 3 2010 11:30PM GMT
Last Price: 1.3894
[Lower] After a relatively shallow recovery to 1.4027, prices are again declining impulsively. This raises the possibility that a big third wave down is just getting started. Therefore, this is a "sell the rallies" market for now.

The subsequent drop to near $1.3730 speaks for itself.
 
The best news is, you can read the latest intraday Currency Specialty Service forecasts now, FREE, as part of EWI's ongoing FreeWeek. All you need is a free Club EWI password! 

Click Here to Read EWI's Latest Forex Forecasts Now, FREE

Tags: euro, U.S. dollar
Rating: - based on [86 rating(s)]
Rate this content: