EURUSD is due for a significant correction that may already be underway.
If one is not already short on the trade, a retracement after wave 1 of the larger degree completes will be an attractive point of entry. Especially if this coincides with the resistance provided by the outer band of the resistance channel that was just broken.
If one is already in a short trade, the 1.17000 level provides a good opportunity for profit taking based on previous resistance. After this, a retracement of the first wave of the larger degree is expected.
Should this occur, the 1.18202 level should be a good point to re-enter short trade, with the expectation that the previous upwards channel will act as support. Depending on your penchant for risk an opportunity to add to the position may present itself at the break of support provided at the 1.17000 level.
RSI has provided consistent bearish diversion, so there is indicator support for this significant correction.
This is merely a probability outcome based on supporting factors such as support, resistance, fibonacci extensions, and price indicators. It is not a prediction. Nobody knows where the market will go. Anybody who claims to is selling you a bridge.
Utillize risk management, and Happy Trading!
If one is not already short on the trade, a retracement after wave 1 of the larger degree completes will be an attractive point of entry. Especially if this coincides with the resistance provided by the outer band of the resistance channel that was just broken.
If one is already in a short trade, the 1.17000 level provides a good opportunity for profit taking based on previous resistance. After this, a retracement of the first wave of the larger degree is expected.
Should this occur, the 1.18202 level should be a good point to re-enter short trade, with the expectation that the previous upwards channel will act as support. Depending on your penchant for risk an opportunity to add to the position may present itself at the break of support provided at the 1.17000 level.
RSI has provided consistent bearish diversion, so there is indicator support for this significant correction.
This is merely a probability outcome based on supporting factors such as support, resistance, fibonacci extensions, and price indicators. It is not a prediction. Nobody knows where the market will go. Anybody who claims to is selling you a bridge.
Utillize risk management, and Happy Trading!
Let the algo show you its hand.