Elliott Wave Forecast Team
ElliottWave-Forecast.com
Commodity currencies were trading higher during Asian session after better than expected China November Manufacturing PMI number; 51.4 vs. 51.1. However, we can see some shifts on the intra-day trend and higher USD at the moment, particularly against the EUR after Spanish Manufacturing PMI fell to 48.6, into a contraction zone.
Technically speaking, you will know that we expect a bearish reversal on the EURUSD for a while now, which we also highlighted on Friday with an ending diagonal pattern in wave (c). Current decline from the high is sharp but still not enough data to confirm a top at 1.3620. But further weakness to 1.3500 will suggest that pair is in wave iii) as a part of an impulse bearish moves.
From trading perspective I will have EURUSD on radar for shorts if we get more evidences with the data and structure that would say that top is in place.
EURUSD 4h Elliott Wave
EURUSD 1h Elliott Wave
Technically speaking, you will know that we expect a bearish reversal on the EURUSD for a while now, which we also highlighted on Friday with an ending diagonal pattern in wave (c). Current decline from the high is sharp but still not enough data to confirm a top at 1.3620. But further weakness to 1.3500 will suggest that pair is in wave iii) as a part of an impulse bearish moves.
From trading perspective I will have EURUSD on radar for shorts if we get more evidences with the data and structure that would say that top is in place.
EURUSD 4h Elliott Wave
EURUSD 1h Elliott Wave
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