EURUSD Best-Buy Level
Updated
EUR/USD is holding at its support level, presenting a Best-Buy opportunity for taking a long position.
However, there are multiple scenarios to consider for setting stop-loss (SL) and take-profit (TP) levels.
SCENARIO 1
- Indicated by the blue line in the chart
- EUR/USD is currently in wave 4, specifically completing wave D (from the ABCDE sequence), requiring one more motive wave.
- In this scenario, one more bearish movement (wave E) is expected before the onset of wave 5.
Key indicators for this scenario:
- If in the last week of June, the price rises without making a new low below 1.065, an instant buy can be taken with an SL at 1.065 and TP at the end of wave D (around 1.09).
- This scenario is more fundamentally sound as wave 5 is likely to wait for a weakening of the dollar, anticipated when the Federal Reserve cuts interest rates (scheduled for December 2024). Hence, EUR/USD is expected to remain sideways for some time.
- If the price breaks below 1.065, then Scenario 2 should be considered.
SCENARIO 2
- Indicated by the orange line in the chart
- EUR/USD has completed or is at the tail end of its wave 4 (wave E is complete).
- This implies a long position can be taken, expecting gains from wave 5.
Key indicators for this scenario:
- If in the last week of June, the price does not rise and remains sideways at this support level.
- The weekly candlestick wick penetrates 1.065 (but not below 1.06) and closes above 1.065 by the end of the weekly/monthly candle.
- A buy position can be placed at the beginning of July for a longer-term gain through wave 5, with a buy at 1.065, SL at 1.06, and TP at 1.12.
- It is important to note that this scenario is based on the end of a sideways wave, thus it is not yet fundamentally sound.
Conclusion
- Both Scenario 1 and Scenario 2 are bullish, with no bearish scenario considered unless the price breaks below 1.05.
- These are the two most likely scenarios according to the author, though many other scenarios may unfold. Updates will be provided based on weekly price movements.
Disclaimer:
This analysis serves for informational purposes only and should not be considered investment advice. Conduct thorough research and consult a financial advisor before making any trading decisions.
NB: A friendly reminder that tonight is a full moon
Good Luck :)
However, there are multiple scenarios to consider for setting stop-loss (SL) and take-profit (TP) levels.
SCENARIO 1
- Indicated by the blue line in the chart
- EUR/USD is currently in wave 4, specifically completing wave D (from the ABCDE sequence), requiring one more motive wave.
- In this scenario, one more bearish movement (wave E) is expected before the onset of wave 5.
Key indicators for this scenario:
- If in the last week of June, the price rises without making a new low below 1.065, an instant buy can be taken with an SL at 1.065 and TP at the end of wave D (around 1.09).
- This scenario is more fundamentally sound as wave 5 is likely to wait for a weakening of the dollar, anticipated when the Federal Reserve cuts interest rates (scheduled for December 2024). Hence, EUR/USD is expected to remain sideways for some time.
- If the price breaks below 1.065, then Scenario 2 should be considered.
SCENARIO 2
- Indicated by the orange line in the chart
- EUR/USD has completed or is at the tail end of its wave 4 (wave E is complete).
- This implies a long position can be taken, expecting gains from wave 5.
Key indicators for this scenario:
- If in the last week of June, the price does not rise and remains sideways at this support level.
- The weekly candlestick wick penetrates 1.065 (but not below 1.06) and closes above 1.065 by the end of the weekly/monthly candle.
- A buy position can be placed at the beginning of July for a longer-term gain through wave 5, with a buy at 1.065, SL at 1.06, and TP at 1.12.
- It is important to note that this scenario is based on the end of a sideways wave, thus it is not yet fundamentally sound.
Conclusion
- Both Scenario 1 and Scenario 2 are bullish, with no bearish scenario considered unless the price breaks below 1.05.
- These are the two most likely scenarios according to the author, though many other scenarios may unfold. Updates will be provided based on weekly price movements.
Disclaimer:
This analysis serves for informational purposes only and should not be considered investment advice. Conduct thorough research and consult a financial advisor before making any trading decisions.
NB: A friendly reminder that tonight is a full moon
Good Luck :)
Comment
SSo far so good, scenario 1.Comment
time to consider scenario 2, if this month candle close above 1.064-1.066, its a perfect 38.2% of our pre-assume wave 3, then think July would be at bull's sideComment
if today, daily candlestick close slightly above 1.065, consider scenario 2but if today's price rise without thouching 1.064-1.065, lets stick to scenario 1
Comment
Dont forget to follow, i'll update the idea tomorrow before the market openDisclaimer
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