EU possible buy idea?7 days ago, I shared a bullish idea that remains valid despite price failing to hold above 1.04321.
Current Market Analysis:
Price appears to be forming an Elliot Wave 2 (a-b-c) correction.
Key Levels to Watch:
- 38.2% Fibonacci retracement level (minimum required for Wave 2)
- 88.7% Fibonacci retracement level (maximum allowed for Wave 2 to maintain bullish bias)
Trade Plan:
With my initial position at break-even, I'll employ dollar-cost averaging for additional buys targeting 1.065 :
1. 50% Fibonacci retracement level
2. 61.8% Fibonacci retracement level
3. 78.6% Fibonacci retracement level
Stop Loss: 1.017
This is not a financial advice but if you must take the trade, apply proper risk and money management while scaling into the trade.
