This is a follow up on my two preivous ideas
Triangle
Fractal
The euro has trade sideways as expected and should countine to do so in the coming weeks.
In 13 days the EURUSD droped over 500 pips, but in the last 32 days it has only managed to drag it self about 400 pips higher.
This is typical price action in a wave 2, just before a big 3:th wave.
On the other hand it could be a wave C, but the slow up move makes this outlook less likely.
And I could also be wrong about the overall bearishness of the euro, but as we trade below 1.3830 I will remain bearish, looking for at least 1.3120.
ANALISY
We have divergence on several time frames and triple fib conflunce near the 1.3750/60 area.
The market is doing a double zigzag (7 swings) or a double threes (9 swings).
Both are mainly corrective pattern.
Short term: we should complete a double zigzag from the 3/12 soon and turn lower,
after that we could see another leg higher before lower (to complete 9 swings correction).
Good luck.
Triangle
The euro has trade sideways as expected and should countine to do so in the coming weeks.
In 13 days the EURUSD droped over 500 pips, but in the last 32 days it has only managed to drag it self about 400 pips higher.
This is typical price action in a wave 2, just before a big 3:th wave.
On the other hand it could be a wave C, but the slow up move makes this outlook less likely.
And I could also be wrong about the overall bearishness of the euro, but as we trade below 1.3830 I will remain bearish, looking for at least 1.3120.
ANALISY
We have divergence on several time frames and triple fib conflunce near the 1.3750/60 area.
The market is doing a double zigzag (7 swings) or a double threes (9 swings).
Both are mainly corrective pattern.
Short term: we should complete a double zigzag from the 3/12 soon and turn lower,
after that we could see another leg higher before lower (to complete 9 swings correction).
Good luck.