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Forex pairs in this Article » EUR/USD (Barcelona) - The EUR/USD appears to Elliott Wave technicians to be in the latter stages of a short-term five wave sequence to the downside with a target of 1.3615.

EUR/USD traders likely to wait until next week for real action

Slow holiday trading is the perfect environment for the sideways consolidation move that is going on currently. In addition to light trading, there is very light data flow – in fact, no data flow for the US and Europe on Friday. EUR/USD traders will likely be in this holiday mode until the January 2nd session next week.

Technical outlook for EURUSD

Technicians say the EUR/USD appears to be in the fourth wave of a five wave downside move – either wave “A” of a consolidation or wave “i” of a larger five wave sequence lower. The downside target for the fifth wave of this sequence will be 1.3615 – with 1.3594 being the very max downside in the short-term. Resistance for the current (fourth) wave comes in at the horizontal line of 1.3750.
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