Good day traders!
Euro took a deep correction from 1.428 region to correct all the way down to 1.38226, a drop of about 460 pips, enough to wipe out a trader’s account if you are over leveraged. Nevertheless, the euro still offers us an opportunity for a swing trade.
Looking at Elliot wave for some direction, this is a Wave 4 correction. A wave 5 extension can take us to the weekly resistance level at 1.445.
Wishing you success to your trading.
Singapore Forex Traders’ Blog