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

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: