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EUR/USD Elliott Wave Analysis: Bearish Wave (ii)

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EUR/USD Elliott wave forecast by


The trend is bullish in EUR/USD currency pair, 15 minutes time frame. As I have suggested few hours ago during my daily Live Trading Room session, the price of EUR/USD pair is going to drop now on a short-term basis to print a corrective bearish Zig Zag wave (ii) pattern and traders should look for a sell trade. Strong key support level is present at 1.1291 price level.

In my judgment, price action in EUR/USD currency pair is now going drop more to complete the bearish pullback – wave a, b and c Zig Zag leg. Based on Elliott wave analysis, the decline in price action looks like a Bearish Zig Zag Elliott Wave pattern. So, I expect the market to resume the up-trend after completing bearish wave (ii) leg.

Currently, bearish wave (ii) Zig Zag leg looks in-complete. So, first wait outside of the market and allow price action to drop more. Next, look for a possible Long trading chance to join an up-trend. However; if the price of EUR/USD breaks below 1.1291 vital support level then up trend is going to end. In such a market scenario, it would be best not to trade the market and re-analyze the EUR/USD fifteen minutes chart.

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About the author

Mr. Muhammad Azeem's website is, online since year 2006.

  • He has passed Certified Elliott Wave Analyst Level 1 Exam with 93% score.
    He teaches Trading With Elliott Wave online course in a 1 to 1 online classes format. 
  • He is the developer and teacher of an online Price Patterns Trading video course
    which is available for Forex traders and investors
  • On a daily basis, Mr. Azeem runs his own Forex Live Trading Room which covers
    London and NewYork market sessions. You an join today and find out for yourself
    just how social trading can be!

Trading Style and Methodology
Mr. Azeem is a pure technician and he solely employs technical market analysis in trading. He believes that the news is just the catalyst for technical events. In his opinion, prices are so far ahead of any news story as every conceivable fundamental possibility has already been discounted.

About Losing Trades:
I do lose trades, some times. So, losing trades do occur and it is the cost of doing the business over here. If I am in a losing trade then I usually try to close it as soon as possible and I do not marry my trades. Not to mention that I always trade with stop loss along with money management rules. I try to lose less and win more and that is why I keep making money in Forex trading.

About Winning Trades:
Winning trades do occur and I always wait with patience for a valid price pattern to develop on price charts. I usually do not trade with profit target or take profit. I let my profits run! I use different types of exit strategies (trailing stops) to pull maximum pips out of the market.

Mr. Muhammad Azeem
Certified Elliott Wave Analyst

SKYPE muhammad.azeem777

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