Potential 2618 Trade Taking Shape
Updated
A double bottom appears to be forming on the EURUSD, which has the potential to set up a 2618 trade should the bullish candlestick close above the previous outside return before retracing to the .618 of leg AB. This technical setup will, inevitably, face heavy headwinds with regards to fundamental outlook on USD strength. This trade is currently forming in a consolidation zone on EURUSD, so my question is... will this be the break we're looking for?
Note
"Brake" should be "Break" (i.e. broken structure) on the chart. I just want to clear up any confusion -- this is not a specific term!Note
I updated point B and pulled the fib retracement over to 1.06450, which still follows the trade plan. Expect some pullback to the 1.06140 before even more upward motion.Note
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Whoops -- should rebound at .618Note
Target hit, but I didn't get an opportunity to buy-in again at the 618, so I'll have to settle for around 60% of my potential earnings.
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