When yow have a look at the 2 MONTH FRAME:

FX:EURUSD   Euro / U.S. Dollar
187 1 6
When yow have a look at the 2 MONTH FRAME:
-Distinct Hammer appear at 127% Fibonacci projection .
-Double tweezer retesting the AB=CD at 1.0800 area. ( Indecision candles bottomed at 1.0800 area)

Originally I consider that a 'Major Correction' it is correcting the Bear market that started in May'14 to move the price at 1.20 [see Major Works of Elliott page 173, Fig 19]
...If it is an Intermediate correction, the price will retest 1.1640 or 1.1712 zone to reverse; because it is the start point of the last 2005 Bull market; but it is not a decent Fibonacci retracement level.

Hammer + Indecision candle + Indecision candle + actual candle retest the low of 1st bimestrial and rally.

The hammer make a lot of sense because RSI where oversold at that point in the '1 month' frame and historically test its 50% level when is getting out from oversold levels, so actually there is room to rally a little bit more.

Then weekly RSI is bouncing up at its 50% level, looks strong.
MACD weekly without any divergence



Nothing in this site is intended to be a recommendation to buy or sell any futures or options market. All information has been obtained from sources, which are believed to be reliable, but accuracy and thoroughness cannot be guaranteed.

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