Euro / U.S. DollarShort
Another leg lower in EURUSD to 1.1350 before potential BUY
Updated
Triangle wave 4 has played out and 1.1750 zone can be used as a back stop for any short positions.
Looks like we are about to embark on a wave 5 lower to around 1.1350 zone where a med term low may look to form for possible long side plays for 5%-6% upside.
Looks like we are about to embark on a wave 5 lower to around 1.1350 zone where a med term low may look to form for possible long side plays for 5%-6% upside.
Trade active
On its way. Staying short. Stop can be lowered to 1.1650.Trade active
There are a few targets in the high 1.12s-low 1.13s that seem reasonable for this proposed last leg down in bigger picture wave 1 (or A) lower. Once this is complete expect a bounce over coming weeks/months back towards 1.20 area. Given the ability of markets to surprise by persistence of moves in extremis however we would need to see a base build (or a capitulation and rapid reversal) before having a shot at going long (where a definitive stop loss level can be identified for buyers)
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.