I base my assumption that the exchange rate channel is currently rising. Yesterday's correction could have been a downward shift from this wave channel. This is also confirmed by the fact that the fractal in the previous triangle also carried this wave structure. I now expect a more sustained rise.
It's a tricky one. The ratio depends so much on each in the currency pair i.e. which one will tank harder! LOL. There seems to be some consolidation around 1.12 which may create probabilities for the north. I'd be looking for a smaller time frame trend to develop, which I might then follow.
meszaros
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@Captain_Walker, I agree with you. The movement of EURUSD is more like a wave sequence than a trend towards a southern breakthrough. Therefore, I prefer the long position for shorter-time trading. If I am wrong and this level is broken, then there may be around 1,0800 target prices. We'll see.
meszaros
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@Captain_Walker, If the sequence remains, then the value of the elevated wave channel is added to the "distance of the first arrow". Therefore, the target price will be higher than indicated by the length of the second arrow.