EURUSD may continue its daily uptrend.
Then a correction trend line of a 4-hour upward wave would be created to rise near the monthly supply zone.
And, a big retracement may come when the target is reached. If the rebound is successful again in the weekly demand zone, the trend will be followed by an upward wave of the weekly bullish pattern.
Conversely, if a rebound in the weekly demand zone fails, the monthly supply zone will be a new starting line for a strong monthly downtrend and will renew the bottom.
Then a correction trend line of a 4-hour upward wave would be created to rise near the monthly supply zone.
And, a big retracement may come when the target is reached. If the rebound is successful again in the weekly demand zone, the trend will be followed by an upward wave of the weekly bullish pattern.
Conversely, if a rebound in the weekly demand zone fails, the monthly supply zone will be a new starting line for a strong monthly downtrend and will renew the bottom.
Trade active
After reaching the monthly supply zone, the correction action will appear. Keep it going.Trade closed: target reached
EURUSD is close to its primary target. The secondary target can be set higher as the trend so far is a bullish pattern. The uptrend could continue through next week. Then this chart is no longer valid because the pattern changes.
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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.