DanV
Long

EURUSD - INTERMIDIATE TERM POTENTIAL LONG ENTRY

FX:EURUSD   Euro Fx/U.S. Dollar
Could be very volatile day in view of the schedule event. We might spike low or end the day lower. However it is worth looking for intermediate term long entry either today or early next week.

Technical Summary:
1. It seems that since march low the entire rise has been a WXY zigzag with recent high on 24th August been confirmed by RSI momentum high.
2.The decline though strong still lack clear 5 wave impulse counts. Hence I am treating this as corrective.
3. We have effective Pitchfork (schiff) which has caught the upside well and could now offer potential support at the lower parallel.
4. We have polarity zone lining up with whole number (minor) and several rib retracement and projections.

Conclusion:
Looking for long in the 1.1 -1.09 region.
Failure would below 1.08

Warning: This is my interpretation of price action using TA approach that I consider helps me most but could be completely wrong. Therefore as always, do your own analysis for your trade requirement and ignore my views.

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DanV
danv-charting.com
http://www.danv-charting.com
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Agree, last decline looks more as wxy corrective, so more consolidation for this pair expected. Long term i expect parity. Regards.
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DanV MOD FullTimeTrader
Thanks for your comments.

Yes regarding WXY move. To me it looks we have larger zigzag to the upside completing with recent high. Also the decline too looks like minor WXY. So whilst you could be right on parity. We could have retest of the last high.
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I think long term reversal is probable.
Have pending buys in that area, nice chart Dan.
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DanV MOD IvanLabrie
Thank you for the compliment. For now I have that area under observation. Will get more clues on lower time frame for final decision.
+1 Reply
Hello, I have 1.1045 then long, SL20. you are not on chat much...I hope you are doing good & everything is okay.
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I am fine thanks. Been busy with few things.

You potential long could well be correct.
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thank so much
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DanV MOD ChatchaiVong
YW.
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monday can open sell eu yes or not
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DanV MOD ChatchaiVong
Hi, thanks for your question.

Can't say if it will be immediate sell on open, but likely we will continue the decline during the week before forming the low.
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I see this like that....
snapshot
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Thanks for sharing your charts.

If we end up with significant decline as you suggest and as may have been calling for parity, then I think it would likely form and ending diagonal commencing from April 2011 high. However for that to really play out well it would be ideal for EUR to hit 1.21 or so then drop.

Will keep that in mind.
+1 Reply
thanks for the chart, Dhanji. Hope all is well. patricia
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You are welcome. All is well thanks.
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snapshot
short term view
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mkdeep04 mkdeep04
snapshot
daigonal wedge n rsi
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DanV MOD mkdeep04
Thanks for your charts. Short term it is possible, though not sure if what you describe is really a diagonal wedge in EW terms. But I get what you mean.
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UPTDATE: Still anticipating price action to work its way to long entry zone. in the meantime possible short trade might be available as detailed in the chart just published
EURUSD - POTENTIAL SHORT TRADES
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Updated chart published with details of long trade.
EURUSD - COULD RESUME IT
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Thank you for your chart, long time no see. I hope you are doing good.
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Hi, yes thanks. Just been busy with few things, so haven't been that active in the chat.
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It would be good to see you more active on chat, when you have more time. I wish someone has told me that trading Forex can be very addictive, even when I have bad days I still come back for more.
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