Potential completed 5 wave down structure in the EURUSD

FX:EURUSD   Euro Fx/U.S. Dollar
158 0 2
The Euro             has completed potentially a 5 wave down structure.
We have bearish sentiment and an RSI divergence as confirming factors. Also today's candle is an inverted hammer (http://www.candlestickforum.com/PPF/Parameters/16_475_/candlestick.asp)
Technically there is still missing wave (iv) and (v) of one lesser degree but in my experience it is better not to try to be too precise. The last 2 waves may never come (or you can always retroactively fit them in the pattern later)

In summary: enter with 50% position now. Add the rest on your discretion and according to trading strategy.
Target: 1.18-1.20
Stop: 1.06-1.04 (Choose stop according to trading strategy and percentage of capital risked)


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