at the chart we have a rising wedge with minor waves and a rising wedge inside the minor wedge with minute waves. break of the red line with the minute waves can lead the price to test the green line with the minor waves. where a break of the minor wedge can lead the price back to between 12.400 and 12.540, where 12.400 is 0.5 on fibonacci levels and 12.540 is 0.618 on fibonacci levels, drawn from ((0)) - ((v)). While a test of the 13.200 level is eminent, and could go up and test the level, which is also 1.13 on fibonacci levels. this will also extend the minor and minute wave.
a break of the minute wave wedge , is possible where the price will have a harder time to break the minor wedge ( the green wedge )
A short trade can be taken now, where the SL will be just above the last high at 13.045,80. where TP will be around the intermediate wave 2.
Take in mind that the price is very bullish on the short term, but we actually also see some weakness in the momentum for the upside. a correction of the short term bullish run will happen, before further gains.
@pavelzyuzin how is this shaping up now. would you get chance to update this with some short entry and targets
Fx-AlphaStrats
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@formobilogmay, intraday long with TP at 13.050/13.060 ish. than short again until the green support in the rising channel. if broken TP will be at 12.650 ish.
Updated chart will be uploaded today or tomorrow. :)
Fx-AlphaStrats
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We could also go up and test the 13.200 area before a short entry can be taken. :)
eduardtgv
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13 200 short
formobilogmay
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@pavelzyuzin looks like the price is starting to reverse. do you believe the price will hit the 1.13 level @ 13203.88? the usd has been appreciating and the euro continue to decline.
the index is set for more bullish as most enterprises will have healthy p&l due to euro weakness.
Fx-AlphaStrats
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@formobilogmay, definently agree with you. yes the sentiments are bullish, but i would like to see a correction on this bullish run, before going long on the price. where 13.200 ish is a good entry for a short term bearish move, before further gains in the price. the index follows the US indexes very closely, and if you look at the different sectors such as industrial, health care, technology, and real estate. the price show an overall weakness, where a short term bearish trend is very likely. ( Trading-view, does not provide such chart so i can't show.)