EurUsd wave analysis

Euro Fx/U.S. DollarFXCM

Description

⋅ Dec 4, 2018 2:12 AM

EurUsd has been forming this corrective abcde triangle
looking for corrective wave E to hit trendline for the short
TP 1.12400

The end of a corrective triangle cycle is usually followed by a new trend
maybe EurUsd will be bearish for a while

Wave Analysis

Comments

trkgrant

⋅ Dec 4, 2018 4:01 PM

Price hit the trendline at around 1.1410
and made a swift reversal as drawn up
this trend down is pretty impulsive so far, about 60 pips up in the trade
I believe this may be a new down trend but to be safe...
TP at 1.13200

I'll be watching close to confirm if a new trend is underway.