Nickonomics

EUR/USD: 'Random price action' may represent a 4th wave Triangle

FX:EURUSD   Euro / U.S. Dollar
Many traders were confused by Friday's post-NFP rebound in EUR/USD             . Actually, this pair has been a source of confusion for quite a while, which, for example, led JPMorgan analysts to call it 'random price action' in a client's note. Generally, when market participants have a hard time explaining price swings, we are in a 4th wave or wave B position in terms of Elliott Wave Theory. In this case, a 4th wave Triangle is becoming more likely to develop. Under this scenario, the price is heading in the direction of the first resistance cluster at 1.1168-1.1195 to complete wave C. A higher resistance stands at 1.1255-1.1286. To confirm upward bias, I'm looking for price to break the upper boundary of the pitchfork . This requires a daily close above 1.0980, and that is our criterion to turn bullish in the short term.

Major calendar risk for EUR/USD             this week:
Tue, German ZEW Economic Sentiment report;
Thu, US Retail Sales data;
Fri             , German Prelim GDP and Flash eurozone GDP report.
Margin trading: https://goo.gl/XRCcxd
Информация по закрытой группе трейдеров и обучающим вебинарам:
http://donatepay.ru/d/NixTrading
Видео канал: https://www.youtube.com/channel/UC-FRa4ZVxAxZ-iGnpRRS8Lg
EN English
EN English (UK)
EN English (IN)
DE Deutsch
FR Français
ES Español
IT Italiano
PL Polski
SV Svenska
TR Türkçe
RU Русский
PT Português
ID Bahasa Indonesia
MS Bahasa Melayu
TH ภาษาไทย
VI Tiếng Việt
JA 日本語
KO 한국어
ZH 简体中文
ZH 繁體中文
AR العربية
Home Stock Screener Forex Signal Finder Cryptocurrency Signal Finder Economic Calendar How It Works Chart Features House Rules Moderators Website & Broker Solutions Widgets Stock Charting Library Feature Request Blog & News FAQ Help & Wiki Twitter
Profile Profile Settings Account and Billing My Support Tickets Contact Support Ideas Published Followers Following Private Messages Chat Sign Out