Has Euro Reached a Technical Bottom

FX:EURUSD   Euro / U.S. Dollar
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With the ECB QE plan inaction around the corner, it appears that Euro             may come under further pressure which may push it further down to a new psychological level of around a 1:1 parity with US$, which may seem an unprecedented low level given recent performance. But from a technical perspective perspective this still seems a big stretch. This means that the price level would have to reach the line of resistance R1 ~ 1.04 Euro/US$ parity. However, if the ECB's plan is received with a positive note, we can expect a short rally.

Looking at the Eliott Wave pattern ( Pls             refer to my publication on that) it appears that the bottom has been reached with a prolonged double zig zag pattern, and which would constitute wave A of an extended correction. And now weave B, pointing upwards, should ensue.
Love the chart analysis style. Keep those coming !!! In your experience with PnF, does it transfer well when switching back to standard price candles/bars? thanks!
+1 Reply
Adnan coondawg71
Hey there. In my experience PnF's really help with the target setting and risk reward analysis and defining the broader momentum. However, candles and bars are great with indicators. But i kinda go with Elliott Wave!!! A lil complicated but insightful! Yeah PnF's will keep coming!
+1 Reply
Good deal. I use renko here on TV and can drawn on the renko charts and the trend lines "transfer" well when switching back to the standard chart. I haven't had a chance to investigate PnF as I normally dont use them. Thanks for the input.
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