The trend is bearish on EUR/USD currency pair, 30 minutes time frame. As I have suggested a few hours ago during my daily Live Trading Room session, the price of EUR/USD is going to rise up on a short-term basis to print a corrective bullish wave (X) leg and traders should look for a buy trade. So, all those Forex traders who have followed my Elliott Wave analysis have made the right decision as the price has ascended. Strong key resistance level is present at 1.1228 price level.
To me; price is trying to print a bearish Double Zig Zag Elliott wave pattern. In my judgment, price action in EUR/USD currency pair is now going drop as bullish wave (X) pattern looks probably complete or it is going to complete, soon. So, expect the market to resume the down trend and decline towards 1.1125 price level to print bearish wave (Y) leg.
Currently, bearish wave (Y) leg did not start. So, first wait outside of the market and allow price action to print few bearish candlesticks and then look for a possible sell trading chance to join the down trend to ride the bearish wave (Y). However; if the price of EUR/USD breaks above 1.1228 vital resistance level then down trend is going to end. From this time forward, I may seize the opportunity to stay out of the market and re-assess the EUR/USD currency pair market movement in thirty minutes chart.
*** EUR/USD – SHORT TERM ELLIOTT WAVE ANALYSIS ***
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