JWagnerFXTrader
Long

EUR/USD Bounces Inside 2-4 Channel...For Now

FX:EURUSD   Euro Fx/U.S. Dollar
1249 5 7
This is an update to yesterday afternoon's chart. With this morning's surge higher, I think we finished wave ( iii             ) at today's high. Today's high did come outside the top end of the price range cited on June 2 ("EURUSD Finishes Wave X").

Since today's high stopped at the 2.618 extension AND at the upper blue channel line, this has me leaning towards wave (iv) in progress today and tomorrow.

There is a cluster of support and wave relationships near 1.1190-1.1200. This also happens to be the same area as the 2-4 channel line.

Fourth waves typically hold close to the channel so the price action near this zone will hold clues to the next move.

I am anticipating a wave (v) higher up to 1.14.

However, a meaningful break of the 2-4 line and prices likely visit 1.10 handle. If we meaningfully break support, we'll have to re-evaluate the impulsive wave count.

Don't forget, tomorrow morning at 8:30a ET is the NFP release. Be mindful of reduced liquidity during the release and the potential for slippage.
This dip below the 2-4 channel line is concerning. The price rise from last night is giving a corrective look. When you play it forward from the post last night, prices rejected at the bottom side of the 2-4 line. There are a couple possibilities, a break below last night's low of 1.1180 extinguishes near term bullish bias.

What do you think - Triangle? New impulse lower?
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charttrader PRO JWagnerFXTrader
2 years ago
Any updates on this as of today?
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JWagnerFXTrader PRO charttrader
2 years ago
Still a handful of options. We'll need a move above 1.1180 to begin eliminating some options and make the move from 1.1379 high to Friday's low a 3 wave affair. On the other hand, a move below 1.1000 stresses the shorter term bullish counts. Let's see if the London open on Monday moves it to either the 1.1180 or 1.1000 extreme.
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Nice! Thank you for sharing!
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JWagnerFXTrader PRO charttrader
2 years ago
You bet charttrader. Since we broke above 1.1180 yesterday, it solidifies the June 4-5 downturn as a 3 wave move. Down moves have been 3 waves, up moves have been 5 waves.

We may correct lower in a small 4th wave today/tomorrow. 1.1180 is now the key support. A move below 1.1180 elevates the 'X' wave triangle view (count #2 in the chart below).

EURUSD Finishes Wave "X"
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