EUR USD in recent times has been a bit hard to forecast but I have a count that makes the most sense based on the choppy nature of the recent impulse long from the new low in Jan and short from 1.0830.
I am not suggesting that the overall market has turned just yet as still I am expecting USD to make a new low at some point but expect EUR to fight back like we're seeing here.
Please see the updated count: (Keep in mind the bigger picture as I think there may be an ending diagonal developing from the break of the triangle at 1.1300- I will post a screengrab of this at the comments)
Wave A from 1.0830: The choppy nature of this fall shows me that we've seen an A = WXY, B = ZZ and C= Impulse to the low at 1.0500
Wave B: Complex flat at (circle a), WXY combo to (circle b) and 5 wave impulse in process for wave (circle c) to complete the bigger B wave.
Forecast Wave: Wave C should begin at either the 0.618% or 0.50% at the 2 key resistance levels I have marked,
I am not suggesting that the overall market has turned just yet as still I am expecting USD to make a new low at some point but expect EUR to fight back like we're seeing here.
Please see the updated count: (Keep in mind the bigger picture as I think there may be an ending diagonal developing from the break of the triangle at 1.1300- I will post a screengrab of this at the comments)
Wave A from 1.0830: The choppy nature of this fall shows me that we've seen an A = WXY, B = ZZ and C= Impulse to the low at 1.0500
Wave B: Complex flat at (circle a), WXY combo to (circle b) and 5 wave impulse in process for wave (circle c) to complete the bigger B wave.
Forecast Wave: Wave C should begin at either the 0.618% or 0.50% at the 2 key resistance levels I have marked,
Comment:
Another Alternate count is that we are still in wave c of a bigger wave 2 so a potential rally to 0.50% or 0.618% retracement of the fall since the US elections in November 2016.
Comment:
Quick update:
If this move is going to continue to the short side, this current move would have to be sharp impulse down as this move would be an expected wave 3 based on the pattern. However, the move seems to be slowing down so a possible a Zig Zag shape is likely in play which retraced to 38.2%. Watch this space....
If this move is going to continue to the short side, this current move would have to be sharp impulse down as this move would be an expected wave 3 based on the pattern. However, the move seems to be slowing down so a possible a Zig Zag shape is likely in play which retraced to 38.2%. Watch this space....
Comment:
Quick update:
Looks like the ZZ correction has completed so now looking for a long entry.
1st TP is will be the 1.618% extension which is at 1.0800.
Further updates will follow.
Happy Trading!
Looks like the ZZ correction has completed so now looking for a long entry.
1st TP is will be the 1.618% extension which is at 1.0800.
Further updates will follow.
Happy Trading!
Comment:
Hi All,
Long forecast of this pair is looking great!
I am still Long for now and will stay long as I'm still seeing bullish sentiments but will update the charts next week with the potential next moves.
Have a great weekend all!
Long forecast of this pair is looking great!
I am still Long for now and will stay long as I'm still seeing bullish sentiments but will update the charts next week with the potential next moves.
Have a great weekend all!
Series of 3 wave moves developing - suggests a possible ending diagonal wave 5