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Eurodollar

EURUSD - more room to the downside The chart on the left depicts the Eur/usd price action on the 12hr timeframe, which shows the long term Elliot wave count on eurusd. It suggests the decline from 1.04000 high is unfolding as an impulse wave structure. Wave 1 ended at 0.98630, wave 2 ended at 1.0198 which was then followed by further decline to the current low of 0.95500. Looking at the chart on the right hand , on the short term Elliot wave view, we can see that from the end of wave 2 which state the begin of wave 3 at 1.0198 . The chart suggest that wave 3 has internal subdivision as 5 wave impulse. wave 1 ended at 0.99550. wave 2 ended at 1.00515. Wave 3 will tentatively end around 0.95137. Then we expect wave 4 and 5.
Short
by ABDOLLAR_FX
2
EUR/USD -19/9/2022-• Descending bearish channel on daily chart • As you can see, Euro Dollar has been trading in waves within a descending channel with each wave breaking and making a new bottom at least by 200 pips lower than the previous one • However, during the last wave we are in now, sellers seem exhausted and unconvinced • The new low is barely within 100 pips than the previous low, which puts us in a consolidation phase • Consolidation phase so breakout soon, either ways • Consolidation meaning neither buyers or sellers dominate; and that is because markets are waiting the FED decision to engage again • I don't expect a breakout before Wednesday or even Thursday out of the 0.99-1.01 range • Updates to be posted later this week, probably after FED's decision Trading recommendations: • Buy on a solid and successful breakout above the channel, stop loss below the upper trend line • Sell on a confirmed break below recent range, or on a failed breakout above the upper trend line with stop loss above it
by RamziAbouAbdallah-CMT