Exclusive invitation for active FX traders
Our friends at Elliott Wave International have invited you to a free webinar with one of the most sought-after FX trading strategists in the world. On Wednesday, July 18 at 1 p.m. (Eastern time), learn how he called recent declines in the euro-dollar and see his 45-minute presentation titled "How to Trade the Top 5 Forex Opportunities Right Now."
Seating is limited to the first 1,000 active traders. Reserve your seat now.
At the time this post was sent, there were just 376 seats left.
On July 6, the EUR/USD fell to a new 2-year low.
The reason for the drop?
From a fundamental standpoint: nothing.
- There were no new devastating reports out of Europe to explain the euro’s weakness.
- Nor good economic news from the U.S. to explain the dollar’s strength.
- Nothing other than the "eurozone worries "…which, frankly, have been with us for what, two-plus years now?
In other words, market fundamentals failed to give FX traders a tell-tale signal that a drop to a new low was imminent.
At least one technical analyst did see the drop coming in his charts and alerted his readers to the move with enough time to act.
Update For: Wednesday/Thursday, July 4/5
Posted On: Tue, 03 Jul 2012 14:57:51 GMT
EURUSD Last Price: 1.2605[Topping] The impulsive but incomplete decline from near 1.3500 and the corrective recovery during the first three weeks of June dictate a bearish outlook. From below 1.2744, and ideally below 1.2693, the euro should resume its decline.
(Excerpted from Jim Martens’ Currency Specialty Service, provided by Elliott Wave International.)
EWI Senior Currency Strategist Jim Martens is one of the most sought-after FX strategists and trading instructors in the world. His technical, Elliott wave approach to the FX markets has been featured in numerous forex publications including ForexPros, FX Street, Trading Stocks and others. Jim has spoken at several trading events including The Traders Expo and Traders’ Library Trading Forum.
About the Publisher, Elliott Wave International
Founded in 1979 by Robert R. Prechter Jr., Elliott Wave International (EWI) is the world’s largest market forecasting firm. Its staff of full-time analysts provides 24-hour-a-day market analysis to institutional and private investors around the world.