Euro / U.S. DollarShort
EURUSD Projection 1.08
EURUSD is in Symmetrical Triangle Consolidation for the last year, as price is contained
between 1.13 and 1.04.
There have been 4 waves within this structure A-D .
Last week , the sum of all trading activity led to the formation of a Bearish Pin bar
that failed to break the Triangle Resistance.
On a daily basis, we can see that after an early push by the Buyers on Monday, Volume spiked
as the Sellers stepped up and the week ended in Indecision, evidenced by virtually no spread
in the market.
The projection for next week is for price to move back, with a regression to the mean. With
the daily 50-200 MAV lying between 1.0810 and 1.0840.
A test of 1.08 is reasonable, given the weekly ATR is 120 pips.
Beyond this, it possible a 5th wave provides the drop necessary for a first test of fresh demand
at 1.0725.
between 1.13 and 1.04.
There have been 4 waves within this structure A-D .
Last week , the sum of all trading activity led to the formation of a Bearish Pin bar
that failed to break the Triangle Resistance.
On a daily basis, we can see that after an early push by the Buyers on Monday, Volume spiked
as the Sellers stepped up and the week ended in Indecision, evidenced by virtually no spread
in the market.
The projection for next week is for price to move back, with a regression to the mean. With
the daily 50-200 MAV lying between 1.0810 and 1.0840.
A test of 1.08 is reasonable, given the weekly ATR is 120 pips.
Beyond this, it possible a 5th wave provides the drop necessary for a first test of fresh demand
at 1.0725.
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