I must admit im confused with the EURUSD, im re-analyzing and reconsidering my charts again.
Right now i dont have an answer. All i know for sure is that more USD weakness is coming next weeks. The USD index can give us a clue (its a pity my broker does not have it).
We know the EURUSD and the USD index are inverse correlated, almost like a mirror.
This chart alone looks very bearish to me. We have price rejecting strongly from the 0.61 fib retracement and most probably will reach the targets shown on chart.
From the EW perspective it could be forming an ugly leading diagonal, a 5-3-5-3-5 structure.
Right now its late for an entry, i just wanted to share this chart with the community.
Happy weekend
Comments
Elliottician_SamRoy
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what about this one
ElPatron.Y
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You've seen the power of channels, another one for you ;)
FullTimeTrader
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Hello, thanks for sharing your view. regards.
ElPatron.Y
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Monthly Weekly Daily
ElPatron.Y
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Monthly bearish div on its way that would be yummy
Elliottician_SamRoy
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Hi bro. i dont think we should be confused by current outlook in DXY and EU because its pure corrective in nature (may be WXY formation) but who cares, lets just let it complete correction and give us entry above/below the channel lines on daily close and we will decide where to go.. Thanks for sharing thoughts (Y)
FullTimeTrader
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Hello, that was my first and only scenario for las 2-3 months but the panorama has changed and it is not as simple now. Theres is also an alternate scenario that considers the DXY reached a top, will make a slow decline next months and any rally after that will not reach previous highs. This chart considers that panorama. As traders we should have an alternate plan.
Elliottician_SamRoy
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right :)
ForexFriend
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It Looks Like A Possible Bull Pendant........89.54 could be a support level