The EURUSD is going up right now, but it looks like a dead cat bounce rally. It was a nice short-term bull market! We need to focus on the main direction of the trend, which is bearish.
I think EURUSD will go up to 1.06311, where there is an extremely strong resistance that should be a reversal point.
This is a once-in-a-lifetime chance to short EUR/USD!Follow my calls.
As per my Elliott Wave analysis, we need a final impulse wave to the downside to complete a major impulse wave. Typically, wave 1 serves as strong resistance, which in this case is 1.06311.
1.06311 is a strong resistance because it is the 2020 COVID swing low + wave (1) + 0.382 FIB retracement (wave 3).
You can take profit at the previous POC of the triangle from 2000–2002 (0.88691) or at the previous swing low from 2000 (0.82311).
This is not a trade setup because there is no stop loss, expected duration, risk-to-reward ratio, or timing. I post professional trade setups elsewhere. This is just an analysis.
I am more than happy to provide you with these analyses, so if you like it, hit "Like" and "Follow"!
Tell me in the comment section what you think about EURUSD. It looks like everyone is now extremely bullish, which is definitely not a good sign! The majority is usually wrong.
i have been looking at us dollar trades for the past two weeks and getting stopped out. i have been looking at usd/jpy as well. i am still bullish on the dollar because i believe the cycle is not over. the curves are still inverted and the jobs market hasn't gotten hit yet. there will be bankruptcies meaning the dollar will still be bullish. this may represent the beginning of an overall topping process.
i think this selloff represents overoptimism in the broader market surrounding inflation data, the fed, and jobs data for the past month. i think investors are getting it wrong like they have in the past. its the classic "everythings going back to normal" rally.
i think this selloff represents overoptimism in the broader market surrounding inflation data, the fed, and jobs data for the past month. i think investors are getting it wrong like they have in the past. its the classic "everythings going back to normal" rally.
i am still looking to go long the dollar.