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EUR/USD: Prices In A Corrective Retracement

Sameer Kapoor 7 October 2013

EUR/USD: Prices In A Corrective Retracement EUR/USD was trading higher for almost the whole last week but then found resistance on Thursday and Friday when pair declined for almost 100 pips.

This reversal in price should not be a surprise as the wave pattern shows a five wave rally from 1.3105 swing, so correction has obviously been expected.

Corrections are three wave patterns that usually retraces back to the wave four termination point.

In our case that comes in around 1.3475 so pair could fell further in days ahead or at least stay sideways.

Forex Analysis by Gregor Horvat at ForexPros. com