It took three weeks to make all 5 waves part of the 5-3 EW starting with 1.1748. The 3rd motive wave stopped at a 2.000 Fibo extension from 1.1527 (end of the 1st wave, 1.000 Fibo). The pair has made new record lows unseen for more than a year and is 100 and something pips away from a 0.618 Fibo retracement on the weekly chart. It might be the time for some major consolidation with attempts to break the 1.120 area. For now, 1h, 4h, and the daily chart have all submerged into a regular bullish divergence and our aim is to take advantage of the corrective waves. One possible scenario is a ZigZag ABC pattern that you can see on the chart.
Lots of winning pips to everybody!
Lots of winning pips to everybody!
Trade closed: target reached:
The price reached 1.1444 due to an inverted H&S on the 4h chart.
