SPX5000

Possible ED in EURUSD

FX:EURUSD   Euro / U.S. Dollar
Euro's move from around 1.15 odd levels was very different from the move from 1.05-1.15. The move 1.05-1.15 was very impulsive and clean. The move from 1.15 has a lot of overlaps and 3 wave impulses rather than the 5 wave impulses. I think there is a possible ending diagonal developing in Euro at the moment so let us watch the green and red line carefully any breach of green line will negate the ED scenario. Another point is if euro is forming an ED as expected then the waves are taking the form of wave 1> wave 3> wave 5 hence the converging trend lines. If that is the case and since wave 3 cannot be the shortest the maximum level wave 5 can achieve is 1.2230. If euro peaks somewhere between 1.2090 and 1.2230 without breaching the green line there is a good chance of ED. Since euro made a top above 1.2070 which was the wave 3 top there is a possibility that wave 5 is complete even though visually it does look like we might get one more pop to complete wave 5. The best way to trade is to watch the red line and once euro breaks the red line we have confirmation that ED is complete.
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