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EUR/USD: Bearish Waves Moving Toward 1.3200-1.3150

Sameer Kapoor 2 September 2013

The EUR/USD is finally trading lower, clearly in an impulsive fashion from 1.3400 which is a third leg of decline. Ideally this represents an impulsive three of a larger five wave moves.

Notice that the price also broke and closed beneath the rising trend-line of an ending diagonal, that is another very important sign of a changed trend from bullish to bearish mode. If we are correct, then the pair is now heading down to 1.3150 in the near term.