EXPECTING TO SEE A POTENTIAL PAUSE OR A RANGE CREATED ON A PAIR
Throughout the previous week has been on a consistent BEARISH run before starting to show signs of a possible reversal on Thursday and Friday when it closed at 1.05413 levels.
Even though I'm still very much bearish on the pair considering on how strong the Dollar has been recently, this coming week I don't expect much move to either of the sides (if you considered how it moved last week). I'm expecting the market to take a pause a bit before it continue to move further to the downside.
In terms of where we are on Elliott wave Perspective, I think on the 4H TF we are at the 4th sub wave on wave 3, which means that I'm expecting to see s small down move to finish the 5th sub-wave of wave 3 before looking to see another corrective move to the upside which will be a 4th wave and after that a final 5th wave to the downside.
I'll still be waiting to to see how the market will move on Monday to understand is that 4th sub-wave of wave 3 is finished or not yet. But overall I'm Bearish on the pair.
Even though I'm still very much bearish on the pair considering on how strong the Dollar has been recently, this coming week I don't expect much move to either of the sides (if you considered how it moved last week). I'm expecting the market to take a pause a bit before it continue to move further to the downside.
In terms of where we are on Elliott wave Perspective, I think on the 4H TF we are at the 4th sub wave on wave 3, which means that I'm expecting to see s small down move to finish the 5th sub-wave of wave 3 before looking to see another corrective move to the upside which will be a 4th wave and after that a final 5th wave to the downside.
I'll still be waiting to to see how the market will move on Monday to understand is that 4th sub-wave of wave 3 is finished or not yet. But overall I'm Bearish on the pair.