SteynTrade
Long

EURUSD Sticking with my ABCD count

FX:EURUSD   Euro Fx/U.S. Dollar
I have been following the corrective pattern on the EURUSD             chart for some time. I still have the view that this pattern is playing out. We have a deep retrace of a smaller BC             leg (grey ABCD) which could reach the 70% retrace of the AB leg by the 20th. After this we could expect the CD to complete at a 127% extension at the beginning of August. For the larger ABCD pattern to complete at E on the larger contracting triangle I would then expect a smaller retrace of the larger ABCD (Lime coloured ABCD) and longer extension. However, the market will do what the market will do. A break of the corrective structure to the downside will invalidate this idea.
SteynTrade PRO SunRiseZoneFX
Thanks you for sharing. Seems as if we are heading for the support Area #2 you indicated before moving up again.
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SunRiseZoneFX SteynTrade
Yea... sort of, but lets see once the market is up we need to see the test areas if the price reacted to them or not, i mean tested...
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SteynTrade PRO SunRiseZoneFX
Thanks, I will look for the reaction at the tested support and resistance areas you indicated.
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SunRiseZoneFX SteynTrade
Great... :)
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