Long EURUSD: Potential Rally Through (iii)-of-C

FX:EURUSD   Euro / U.S. Dollar
EURUSD             may be entering a strong rally through wave-iii-of-( iii             ), providing an opportunity to take a long position with a R/R of 9.36. The larger C-wave             is an expected 5-wave             impulse considering wave-A was also counted as 5 waves (5-3-5 zig-zag ). Since a bullish 5-wave-(i) was corrected by a zig-zag decline and a price was rejected at the .786% retracement of (i), it is reasonable to consider this an indication that wave-iii has begun. Hoever, if wave-ii retraces deeper, and it may, the position will be stopped out and another long position can be taken at the next indication of bullish PA into iii             . Target is placed at (A)=(C) with a SL below wave-ii.
Trade active
Comment: Still bullish of course. Here is an updated wave count:
good stuff mate!
+1 Reply
glennmercer PRO WaveAlchemy
Thanks Laurence!
Hi Glenn,

Great analysis. Apart from all the patterns, from a simple price action point of view, there is a very nice Pin Bar setup & a Fake Breakout of Inside Bar on the Weekly. Therefore, the First TP from this point is surely 1.13370, IMO. My further TP2 is 1.153 and TP3 1.17 (if it breaks the high). TP2/TP3 is also an area of RETEST from the previous Weekly Structure Breakout to Downside. From there we might see a lowest of Euro dropping below 1 (probability of touching 0.85), according to AB=CD. What is your say?
Hi Shekhu thanks for your input. I think your target of 1.134 is reasonable, I will likely start looking for short opportunities at that level depending on the wave count.
It went up nicely, but then the USDollar index went up, and it broke out, if it keeps going up, I'm not sure the eurusd will still go up
glennmercer PRO moneerbarazi
Yes we saw some resistance at the top of the declining channel - I am still bullish. It looks to be consolidating in a fourth wave on the 5m chart. I will update the wave count this weekend.
+1 Reply
Great setup, with stop loss and targets.
+1 Reply
imee_noni Technician
Dear Technician, when i saw this trade setup analysed by "glennmercer" i had a strong wish and expecting a comment from i found your comment.
It is really a very nice analysis with proper targets and stop out levels.
"glennmercer" very well analysed, good and keep your good work continue.
+1 Reply
Thank you I appreciate that, I will continue to share then!
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