FX:EURUSD   Euro / U.S. Dollar
In my last chart I suggested that we were retracing the move of the March low to May high. I noted that we have potentially a leading diagonal of normal 5-3-5-3-5. The retracement was anticipated to be of the zigzag construction with low in the vicinity of 1.08 -1.07.

We have had very complex correction not the simple zigzag anticipated. This correction appear complete assuming we hold above 1.08350

Here are the technical summary:
1. Since May high, we have flat correction of 3-3-5 construction with wave (c) being ending diagonal .
2. We have retraced 61.8% Fib of the entire rise of the March low.
3. We have potential bullish RSI divergence.
4. In the proximity of the previous structure support .
5. If the Fin time symmetry holds then the anticipated wave (c) low due in this time window.

Invalidation level to note is 1.08350

If the above plays out then the upside is anticipated to be either large wave 3 or C. AB=CD would give us approx target of around 1.18 or higher. I will publish an updated chart as necessary with move detail in due course.

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.

For those who appreciates my analysis, select to follow me and the chart for notification of future updates. Indicate you like my analysis by thumbs up, comments and sharing it with others. If you have an alternative idea then please be constructive and share for all to learn from.

Thank you for taking the time to read my analysis.

Awesome chart, and spot on for the bounce point, of course. Well done!
MisterFXGuy MisterFXGuy
Oh, and by the way, look where it topped out after China kicked off the strong rally (I added a red arrow to your chart).

DanV MisterFXGuy
Thanks for your comments. I appreciate it.
thank you for all
i'm also bullish on the euro but this bottom is really hard to pick. there are a few bottoming counts are possible and each with different invalidations, really hard to pick this bottom. But pretty sure a bottom is forming.
DanV colinsheen
Thanks for your comment. I agree with you.

It might continue chopping in tight range for rest of the week to form the bottom. Or some catalyst might make it move.

So patience is necessary and possibly even looking for confirmation is advisable.
+2 Reply
Traiasca linia mediana
catalin83 catalin83
Iti recomand sa desenezi o furca descendenta....
Updated chart published
+2 Reply
Hi Dan - thanks for the chart. I have been sniffing around EURUSD as well. Trying to see if the ending diagonal is in play since the June 18 high.

I get hung up on that initial move lower from June 18-28 carving out as a 5 in lieu of a 3 wave needed for the wave 1 of a diagonal. It still may be possible with double zig-zags but that would likely drive it lower and closer to 1.07 or possibly 1.06. With SSI sentiment shifting towards neutral at 52% of traders are short, the EURUSD is acting more like it wants to get more shorts sucked in.

Nice analysis...take care.
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