FX:EURUSD Euro Fx/U.S. Dollar
The EURUSD has been free falling for weeks and months now, and with sentiment at an all time bearishness, we are approaching a bottom. Following a degree of wave iii , the EURUSD has demonstrated a non impulsive reaction composed of zigzags. The recent failure of wave c impulsive implies that we are in a typical wave iv triangle consolidation. This cannot last long, we will break out of the triangle soon and approach medium-longer term lows perhaps near 1.08. The thrust should be fairly quick and could be triggered by news,
Yes close, but not there yet imo. I think the resolution of the wave iv bearish triangle will be triggered by bad news to do with the bailout, and then we will hit bedrock. We are close to the bottom for the greater reason that speculators are more bearish on the EUR now than they have been for years.