In yesterday's webinar for the TradingView community, we talked about the EURUSD in the current market environment. (see the video clip from the 1:26:07 - 1:27:45 mark -> www.youtube.com/watch?v=1jE31mbh... )
It appears as though the pair has finished a blue 'b' wave triangle and we are thrusting lower in the 'c' leg of a zig zag.
There is another alternative that resolves as a bearish scenario as well and that is yesterday's high was the end of wave 2 of v. That would imply a sharp move lower in wave 3 of v.
There is a bullish pattern I'm watching as well that becomes higher probability on a move near 1.07. For the time being and all patterns considered, the patterns suggest prices may push towards 1.07.
Inspecting FXCMSentiment, it has shifted harshly from -1.5 yesterday to +1.2 now. This shift towards the positive is bearish the pair and may provide a tailwind for it. Follow EURUSD real time SSI here.
I'm curious what the other ElliottWaver's are considering.
Happy trading!
It appears as though the pair has finished a blue 'b' wave triangle and we are thrusting lower in the 'c' leg of a zig zag.
There is another alternative that resolves as a bearish scenario as well and that is yesterday's high was the end of wave 2 of v. That would imply a sharp move lower in wave 3 of v.
There is a bullish pattern I'm watching as well that becomes higher probability on a move near 1.07. For the time being and all patterns considered, the patterns suggest prices may push towards 1.07.
Inspecting FXCMSentiment, it has shifted harshly from -1.5 yesterday to +1.2 now. This shift towards the positive is bearish the pair and may provide a tailwind for it. Follow EURUSD real time SSI here.
I'm curious what the other ElliottWaver's are considering.
Happy trading!
Comment:
1.0985 is the key level. Above 1.0985 I'll be flat awaiting 1.1085 to break to go long. Below 1.0985, still look for lower levels to 1.07 area.
Comment:
Price has bounced from the support from when this was originally published. 1.0985 is a stone's throw away in that if broken, we'll be flat awaiting more clarity or 1.1085 to break. A resting entry order to buy is up at 1.1085.
FXCMSSI continues to drop and is not sitting at -1.77...as we sit at resistance, keep an eye on the live feed.
FXCMSSI continues to drop and is not sitting at -1.77...as we sit at resistance, keep an eye on the live feed.
Comment:
The birth/death model on non-farm payroll for January (today's release) seasonally takes away jobs. Therefore, I'm mentally prepared for a worse than expected payroll figure which might add more fuel to the dovish Fed rhetoric. That may end up weighing on the USD pushing EURUSD higher. Live FXCMSSI is currently -1.93 which favors the upside in EURUSD as well.
The support level to watch was the former breakout level of 1.1087. If you are in a USD trade, be mindful of the potential volatility coming up later this morning.
The support level to watch was the former breakout level of 1.1087. If you are in a USD trade, be mindful of the potential volatility coming up later this morning.
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