Hello friends
We have seen the formation of a 5-wave bearish pattern in the EURUSD currency pair, and then we see a 5-wave bullish pattern that resembles microwaves.
This microwave, which is made up of 5 small waves, can be wave 1 or A.
After this wave, it should correct to the 50% or 61.8% Fibonacci range, which has also been achieved.
50% Fibonacci overlaps with a support, so the probability of the price returning from this range is higher.
We call the corrective wave wave 2 or B, and in both cases the price should grow and the price target is 161.8% Fibonacci.
The stop loss is below the beginning of wave 1.
Good luck and be profitable.
We have seen the formation of a 5-wave bearish pattern in the EURUSD currency pair, and then we see a 5-wave bullish pattern that resembles microwaves.
This microwave, which is made up of 5 small waves, can be wave 1 or A.
After this wave, it should correct to the 50% or 61.8% Fibonacci range, which has also been achieved.
50% Fibonacci overlaps with a support, so the probability of the price returning from this range is higher.
We call the corrective wave wave 2 or B, and in both cases the price should grow and the price target is 161.8% Fibonacci.
The stop loss is below the beginning of wave 1.
Good luck and be profitable.
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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.
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.