glennmercer
Long

EURUSD Wave Count and Something to Consider

FX:EURUSD   Euro Fx/U.S. Dollar
EURUSD             is currently rallying with a second impulsive wave toward the top of the declining channel. The pair may see some resistance at these levels as wave-(c) did not surpass the start of wave-(a) and a sideways symmetrical triangle may be underway prior to the continued rally. The channel resistance may add to the bearish bias at these levels. I am still bullish on the pair, and retracement to wave-(e) may present an excellent opportunity to add to bullish positions for the continued rally through the completion of corrective wave-C.

Bullish Entry:
Long EURUSD: Potential Rally Through (iii)-of-C
Comment: Point (d) confirmed, waiting for (e) to complete and confirm with a bullish impulse. This would likely mark the beginning of wave-(3)-of-C and a break out of the channel is expected.
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