The pair has carved out a five wave decline followed by a three wave rally (which could extend a little further). Whether the two big waves are part of an impulsive wave lower (1-2) or part of a zigzag correction (A-B), another leg lower should follow, targeting the 0.8650 support. This idea is viable as long as we trade below the 94.00 resistance.
Note
The pair did move lower and traded as low as 87.50, 1$ shy of my target 86.50.It turned out that the market was carving out an A-B-C correction and then moved higher
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.
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.