EURUSD goes in line with my expectations posted in the map earlier (pls see related).
It reached the upside target on Friday and then collapsed.
All minimum targets have been hit, so it can start now wave (y) down to complete huge wave X.
The wave (y) = wave (w) hits right in the area of the former low at 1.0636.
This will be the target.
Wait the pullback and see...
Previous Analysis on EU
In my last analysis, I have called EU have made short term top and will correct to the price level where Euro is at right now.
The big idea is though that Euro is on a run and we want to get a piece of it. The current support level could be a solid support to trade on short term.
While I do not recommend committing fully at this level,...
The correction could be over and now we got the first move up, which has been retraced now.
The idea is to buy on dips to 1.0990-1.10000 (78.6-50% Fibonacci retracement levels).
Conservative target is at 1.1140. Stop below 1.0985.
I do not see power for rise more on EURUSD.
Also, price can't go higher than 1,12507. This area of 50% of last daily wave down.
We will break down 1hour support 1.11662 and will fall down to the lowest point to test it another time.
If you have any questions, write them in private messages.
Also, write comments below and push likes.
My previous plan on EURUSD is still active.
I just mark move to 1.11122 another way because it is hard to reached that point now.
Price bounced from 1.11662.
Now it moves in range 1.11662 and 1.12507 and after that it will go UP.
Today I will tell you more about EURUSD on my YouTube channel at 11:00 by Chicago.
Find it by name "USOIL WTI" and subcribe.
Also I...
1. USOIL WTI( crude oil ) I expect main move DOWN . I wan to see retest of 57,00 hourly resistance.
2. XAUUSD main move rimains UP for me. So I want to see retest of 1414.
3. ES1! main move I expect DOWN . I want to enter from 3021, but need other conditions.
4. E61! ( EURUSD ) neutral. I think price will move more down, but there is now clear point to enter.
It looks like wave X unfolds as a triangle ABCDE.
Earlier I was waiting for the flat where eurusd could reach at least into 1.17 area.
But market couldn't raise its head so high.
The ultimate target for the whole retracement is located at 78.6% Fibonacci in the 1.08 area.
The pair had finished the entire WXY corrective structure as price broke down below the trendline support.
Then we had a pullback to retest the broken support.
Now the Bear Flag continuation pattern has been shaped.
The price should at least retest the former trough of $1.1215.
This pair couldn't advance significantly amid poor NFP data.
The sideways moves 3-3-3-3-3 shaped the famous Triangle pattern.
Last wave up completed this pattern last Friday.
Now the pair could resume down move to hit the trend line ($1.10) that was built through recent troughs.
FOREXCOM:EURUSD
Treasury-Bund spreads are narrowing again. With Eurusd lagging yield spreads the pair is weeks or maybe days away from a rally.
In the short term however, REBA-SOMA days and EU data likely to hold the pair down and push past support and new yearly lows.
I think that current pullback is still in progress.
The wave C is pending and here I would like to focus your attention on the yellow trendline,
which acted as a support and now turned to be a resistance.
The wave A of a pullback reversed right at the trendline.
So the wave C could also retest this trendline and hit between 61.8 and 78.6 Fibonacci...
The idea is that the complex correction could unfold lower to hit 61.8-78.6% Fibonacci of the previous large impulse.
The last leg of the linking correction ABC looks done.
Entry current
Stop 1.1646
Target 1.1446 (although it could drop much lower if second leg will exceed by size the earlier one)
