EUR/USD Visual Trading Update

Technical Indicators Notes:

Last time we said: "No real news on this front. Divergences all over but no change in the price movement and we are still waiting to se some kind of bullish structure to setup our entry level. All the bad news about Greece and the like are built in already and we need only a spark to ignite the incoming rebound."

The Elliott count is clear and points for a minor rebound. We decided to enter manually and to set the SL to the low of 5. The RSI and MACD are showing positive divergences for a while but just now we are getting some price action. Our preferred target for this correction is near the 1.4180 area where we can find a resistance area combination with the top of 4.

Charts Legend:

In Price Window:

Simple Moving Average (20): Green
Bollinger Bands (20,2): Violet
Support & Resistance price areas: Pink and Light Green areas
Trend lines and Channel Boundaries: Blue
Elliott Waves Counts: Black and Blue numbers

In Indicators Part:
RSI (10): Blue, STOC(5,3,3): Green, ATR(5): Blue
MACD (12,26,9): Blue, Signal: Red, Histogram: Green
Indicator trend lines and effects: Magenta

Signals:

Long: Above the Green line
Short: Below the Red line
Exit position: On crossing the Cyan line
SL in case of triggered level: Dashed Cyan Line