#Wyckoff #EURUSD
We observed the evolution of the EUR USD price and identified the following aspects:
Main trend: We have identified a downtrend, with the price forming a full 5 wave downtrend and potentially 3 uptrend waves, indicating a full 8 wave Elliott pattern.
Support and resistance levels: We noted the important support levels at $1.06097 and resistance at $1.04850, with the current price at $1.05312.
Technical Indicators: We observed that a sustainable rally would require an increase in volume as the price rises. Price model: I have identified an accumulation model based on the Wyckoff principle, which is in phase 1 with the preliminary point of sale, clinical point of sale, automatic-rally, secondary point of sale, the 4 events of Wyckoff Logic that lay the foundations of the sequence of equilibrium according to the Wyckoff principles.
Fibonacci levels: We calculated Fibonacci levels to identify possible price targets. The Fibonacci wave projection indicates the following confluence levels:
the projection at 0.382 is in confluence with the EURUSD 1.05967 level.
The projection at 1.00 is in confluence with the level of 1.06749 EURUSD.
The projection at 1.618 is in confluence with the EURUSD 1.07569 level.
Conclusions: In conclusion, given the technical analysis, including the Wyckoff accumulation pattern and Fibonacci levels, I believe there is significant upside potential in the period ahead. The first potential target is at 1.05967 EURUSD,
the second at 1.06749 EURUSD and the third at 1.07569 EURUSD..
I must emphasize that technical analysis has limits and that trading involves risks.
Main trend: We have identified a downtrend, with the price forming a full 5 wave downtrend and potentially 3 uptrend waves, indicating a full 8 wave Elliott pattern.
Support and resistance levels: We noted the important support levels at $1.06097 and resistance at $1.04850, with the current price at $1.05312.
Technical Indicators: We observed that a sustainable rally would require an increase in volume as the price rises. Price model: I have identified an accumulation model based on the Wyckoff principle, which is in phase 1 with the preliminary point of sale, clinical point of sale, automatic-rally, secondary point of sale, the 4 events of Wyckoff Logic that lay the foundations of the sequence of equilibrium according to the Wyckoff principles.
Fibonacci levels: We calculated Fibonacci levels to identify possible price targets. The Fibonacci wave projection indicates the following confluence levels:
the projection at 0.382 is in confluence with the EURUSD 1.05967 level.
The projection at 1.00 is in confluence with the level of 1.06749 EURUSD.
The projection at 1.618 is in confluence with the EURUSD 1.07569 level.
Conclusions: In conclusion, given the technical analysis, including the Wyckoff accumulation pattern and Fibonacci levels, I believe there is significant upside potential in the period ahead. The first potential target is at 1.05967 EURUSD,
the second at 1.06749 EURUSD and the third at 1.07569 EURUSD..
I must emphasize that technical analysis has limits and that trading involves risks.
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.