jdemunter
Long

Eur/Usd : All about the trend line

FX_IDC:EURUSD   EURO / US DOLLAR
Since the previous post price has extended the decline to test the trend line. The trend line was recognized by the market as resistance but acts as support now. As for the wave structure, we can see a triple three (wxyxz) from the wave w(circle) top. This type of correction is uncommon and has to be confirmed by price going above 1.1125. Alternative count has one more leg lower to make a more common double three, where the second wave (x) is the 2nd wave.
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