Euro / U.S. Dollar

Short

Euro short trade

Updated

After a clear 5 wave decline at small degree we can now see a clear 3 wave correction.
The zigzag retraced to the .618 fib.
The hourly candle closing at 6:00 UTC should provide us some confirmation that the correction has ran out of steam and it's time to pull the trigger to sell. Based on the Elliott Wave count and 61.8% retrace I am confident selling after a weak candle. Otherwise, sell after price closes below the 4:00 UTC candle.
RSI is in the overbought zone.

Trade closed: stop reached

Stepping back and watching. There are definitely better pairs to trade at this time too. Plan to publish charts for the loonie soon.

Was it was a double zigzag that fooled me for an impulse?

snapshot

Related publications

Key levels on Euro

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