EUR Wedge Formation

FX:EURUSD   Euro / U.S. Dollar
624 8
EURUSD has formed an wedge on the intraday charts and, as we approach the end of the week before a very sharp rising movment, I'm looking forward to sell the Euro , catching the Elliot's correction movement.

To trigger my trade today, I'd expect it to break under the wedge border and the daily pivot , on 1.2883, to sell it. My primary target would be the 1.2800 area where lies this minor chanel border and the broken resistance border of the H4 channel (dashed blue) and further 1.2740 where lies the most important fundamental suport.

If it breaks through the 1.2740 we could see the EUR falling towards the lower H4 channel borders.

Follow this trade on:
Do you think it will get that low, before the FED speaking today? or rather after that? Because a QE3 decision might send euro to 1.3 or higher.
I do belive EUR can reach for 30's if FED decides for QE3, but most of the movement is already precified. Only if FED doesn't go for it, or postpone it we'll get this correction.
Razvan rodrigosmarts
This way is plausible....
Yeah. If you double check, it's a sell stop order. Price would never trigger without such decision.
5Loaves2Fishes rodrigosmarts
Agreed. Eur can definately reach 1.3 today.
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