Goldman Sachs Elliot Wave technical analysis chart on the daily EUR/USD:
GS comments on the chart:
Says EUR/USD:
- Has finally sustained a break above its 55-dma and the July '14 downtrend
- Both of these levels have been very relevant to recent price action. The 55-dma in particular held the entire decline from the May '13 high to early-Apr. '15. It should now act as important support at 1.1095.
- The next big pivot to focus on is 1.1168; an ABC from the Jul. 20 th low. A close above will open potential for a 1.618 extension target to 1.1366. This also happens to be close to the previous two highs from May/June (1.1438-68) and a 0.618 extension from March (1.1432).
- Overall, seems the next two big levels are 1.1168 and then 1.1366-1.1468.
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Any Elliot Wave people like to weigh in on the analysis? Let's hear it!
