Week3: EURUSD will rise

FX:EURUSD   Euro / U.S. Dollar
It's time for the weekly check-up!

After the previous week was very bullish , this week was more of a correction.
The expectation of a rise of the fund rates has been corrected from june to december and therefore we saw high volatility in the crossrates.

Now lets take a look closer.
If you look at the following you see a mess. A lot of overlaps and a strong spike (labeled as (i) in green). After that we see again a strong move upwards in 5 waves (small i-v in green). The complete move has been labeled as i in blue. This move didn't top the previous (i), but the irregular correction wave b (in red) did.
From the low ii in blue we see again a rise up and a correction in progress. This correction should find support at the 0.618 fibo.

For all fans of candlestick patterns -> on the daily we see a doji .

As you may know. I'll post comments and do a weekly check-up, so stay tuned!

Happy trading!
Update !

Nice and idea. but I don't see a possible trend reversal until the Demand zone at around the 1.00-0.97 area :) or possibly even as far down as the next demand zone @ ~0.84. I'm watching the DXY index, the 10year bond and ofc GREECE :) The future will tell
aibek Piphunters
Hello Ande, agree with the relationship with DXY!

Both EURUSD and DXY are in Wave B correction - mirrored action.
Hello Sokow! Here is 1953-current eurusd chart at the link
I think we should recount waves. As seen on that chart, wave 4, if over, even if not, already violated wave 1.
No more bullish trend in place.
Regards, Aibek

Sokow aibek
Hello AikekB, thank you for the chart.
This formation could be a leading triangle (which will allow an overlap of wave 1 and 4) or we have wave 1 as you labeled it and your wave 2 is wave a, your wave 3 is b and your wave 4 is c, which will form a running correction.
aibek Sokow
Dear Sokow, thank you for your view. I think waves could be tricky as sometimes we see what we want to see. Lets wait and see. Good luck amigo!
+1 Reply
Sokow aibek
That's absolutly true. There is always space for interpretation. Happy trading!
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