aibek
Long

EURUSD. correction is not over yet. possible wave count

FX:EURUSD   Euro / U.S. Dollar
164 1 7
Hello traders!

I think we have larger correction than it was priorly expected.
Wave (4) is not over yet and market will do another leg up soon possibly to 1.18 level (Y=W).

Currently we are in the ending diagonal which is going to finish.
MACD shows strong bullish divergence with the price and it will work out soon.
Break above 1.07 will crack upside of diagonal and negate the downmove.

Price need to break above 1.1087 (alternative wave 1) to confirm the model otherwise it would be wave 4 of (5) and invalidation of my view.

Best regards, Aibek

Trade active: Long on the break up of 1.07 triggered.

You can move stop to break even now and enjoy possible ride to 1.18!
Comment: Move stop higher under Dec. 07 low. My suggestion 1.0789.
Comment: Ending diagonal appeared on the 4H chart, that's a bad sign for current ascending.
So to save our profits lets do the following.
Move stop higher to 1.0919 from 1.0789.
Add OCO take profit order to 1.1070.
Either side will do profit.
The picture is on updated chart below.
Best!
Trade closed: stop reached: Stop profit triggered with +219 pips booked at 1.0919.

Have a good one!
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