JWagnerFXTrader

EUR/USD 1.1140 Key Level for Bulls

FX:EURUSD   Euro Fx/U.S. Dollar
576 2 10
With the ECB event risk Thursday morning, let's take a step back and see what the higher probability patterns are.

The preferred patterns being watched are bullish in nature. Both bullish patterns suggest we are in the 'C' wave of a large flat correction that began in March 2015.

The March 24 low is the key level for the immediate bullish price action. A move below 1.1140 would cause us to reconsider.

FXCMSSI (Sentiment) is favoring bulls. The current reading is -1.60 which means there are more traders positioned to the short side than to the long side. This tool is used as a contrarian type indicator which provides a bullish signal.

You can see how traders are positioned through the live FXCMSSI feed.

Though we've focused on the bullish patterns, prices can break lower and that would temporarily pause the bullish case. Longer term we are eyeballing higher prices in EUR/USD             .

Good luck!
Comment: This sharp sell off locks in a 3 wave move higher from last night's lows. This suggests prices may pressure the 1.11 handle. Let's see how it behaves in the 1.1170-1.1190 area.

SSI has dropped further to -1.81 which hints to a low looming nearby.

See the live SSI data here - https://www.dailyfx.com/sentiment?utm_source=TradingView&utm_medium=Wagner&utm_campaign=eurusd0420

snapshot
THE MOVE FROM YOUR CIRCLE IV IS NOT IN 5 WAVES THOUGH..IT LOOKS CORRECTIONAL ON MY CHART
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