On November 1, the EUR/USD — the euro-dollar exchange rate
and the most actively-traded forex pair — was trading the $1.38
range, near the level it is today.
But if you look at what the EUR/USD did between November 1 and
9, you’ll see a huge 400-point (or pip, in forex lingo) rally
into the November 4 top — and an equally huge decline back to
the levels we see today.
This
article was syndicated by Elliott Wave International and
was originally published under the headline How Analyzing Forex with Elliott Wave Can Help You Catch Both Rallies and Declines.
EWI is the world’s largest market forecasting firm. Its staff
of full-time analysts led by Chartered Market Technician
Robert Prechter provides 24-hour-a-day market analysis to
institutional and private investors around the world.
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