We got a nice rally yesterday thanks to the FED,
Price is currently retracing back that move, taking out all those who went long on that rally.
We need to wait for this pullback to end, which can find support at previous wave (iv) and descending upper channel line
We also have the 38.2% & 50.0% Fib retracement levels there.
It might go a bit lower but as long as it doesn't go and make a new low, we have the possibility to see it go up to even 1.20!
Price is currently retracing back that move, taking out all those who went long on that rally.
We need to wait for this pullback to end, which can find support at previous wave (iv) and descending upper channel line
We also have the 38.2% & 50.0% Fib retracement levels there.
It might go a bit lower but as long as it doesn't go and make a new low, we have the possibility to see it go up to even 1.20!
Note
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Note
Here is an alternate count Note
EURUSD - Both Bullish and bearish counts are valid here. To differentiate this, we might look at fundamental data but that is a lot of work and frankly not rewarding enough sometimes.
Another data I use is Retail Traders positioning as a contrarian indicator, but even there, the results are mixed switching between longs and shorts. Right now we have slightly more longs, so this might indicate more weakness in this pair.
In such cases, you can choose a side if you like and have a 50/50 chance of winning but that's just gambling and that's not us! We are traders, we are better !
We should not take unecessary risks when's not needed, we need to think protection of capital.
This time it's best to just wait for things to clear up on one side or the other and go look for opportunities on other pairs.
(Personnaly, I'm leaning more towards the bullish count because Fib proportions are respected more than on the bearish count, but that does not mean I'll take a trade right now.)
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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.