July 26th – EURUSD

I’m afraid my previous comments are not valid any longer. The decline from the top at 1.1277 can be counted as a Double Zigzag better than as an impulse. With a little bit of imagination it’s also possible to be counted as an Impulse, but my certainty is no longer there, particularly because the larger Expanded Flat is not completely clear.

At the moment I would be expecting a recovery towards 1.1150, the nature of which will better reveal the pattern. Short term traders will benefit from favoring longs but not risking more than 1.1020. That should be the case if the downtrend line is broken. However, should the low of 1.1020 be taken, stand aside.

Houssine

Prof. Aldo Lagrutta is an awarded Certified Financial Technician from the International Federation of Technical Analysts and holds several financial market designations, including the coveted Certified Elliott Wave Analyst.

He is a also a member of the Society of Technical Analysis, holds the CFT’e and is a recipient of the Bronwen Wood Prize bestowed by the Society of Technical Analysis in London.

Prof. Aldo Lagrutta grew up as a music child prodigy and became the youngest Professor to teach in several universities and conservatories around the world. He performed for 2 decades as a concert guitarist in Europe, Africa, North and South America.