Ramki has been invited to speak at this important event in Mumbai, India, on 1st May, 2015

May 122011
 

The EUR recovered to 1.4423 after my last comments and the outlook deteriorated steadily until it reached supports around 1.4150. Earlier today we saw a minor but unsustainable breach of that support. But the damage is done. That we breached the support is less significant than the fact that we have finished a 5 wave downmove. As you know, if a move BEGINS with five waves, then that is not the end of the move. So, while we should expect a recovery back to prior wave 4 around 1.4420 (see my previous post), the underlying sentiment (technically speaking) is decidedly bearish. This means exporters to Europe should cover on the next rally, while importers can breathe a bit more easily than they did when Euro was trading near the highs recently. For traders, though, the market is a fair game on either side. Just choose low-risk levels and go with the direction that Elliott Wave Analysis points you to. Good luck.

  2 Responses to “EUR/USD Elliott Wave Update”

  1. Dear Ramki,
    For what I have gathered I think the sentiment for dollar is bullish. ie other currencies should fall against the dollar. Being from India I wanted know what is in store for the INR against the dollar. One analyst has even forecast a level of 60 rupees for a dollar. Can you throw some light on the matter. An EW perspective will be invaluable.

    Regards
    Aniruddha

  2. Mr. Ramki,

    Euro is getting hammered i guess this drop is just the beginning before we see a stronger drop.

    Appreciate if you can give us an update on Euro/USD

    Thanks in advance
    Yasser

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