Here's a longer-term view on EURUSD. Depending on how you draw the resistance trend line over the past 12 years, this line crosses in price between now and 1.20.
The 61.8% fibonacci retracement of the 2018 down trend comes into play in the 1.17-1.20 zone. The higher probability Elliott Wave count in my opinion is that EURUSD finds resistance nearby, then dips to new lows below 1.06 in a third wave lower. This 3rd wave lower would be a motive wave. This view is valid so long as EURUSD holds below 1.25.
The 61.8% fibonacci retracement of the 2018 down trend comes into play in the 1.17-1.20 zone. The higher probability Elliott Wave count in my opinion is that EURUSD finds resistance nearby, then dips to new lows below 1.06 in a third wave lower. This 3rd wave lower would be a motive wave. This view is valid so long as EURUSD holds below 1.25.
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Test your Elliott Wave readiness.
Free assessment + bonus training videos customized to your score:
qwiz.seethewaves.com/ewreadiness/p/tv1
Free assessment + bonus training videos customized to your score:
qwiz.seethewaves.com/ewreadiness/p/tv1
Disclaimer
The information and publications are not meant to be, and do not constitute, financial, investment, trading, or other types of advice or recommendations supplied or endorsed by TradingView. Read more in the Terms of Use.