Key to understand is that I favor a triangle correction on the daily that so far shows 3 waves o lesser degree for wave A, B and C. This suggest that we are looking at a 3-3-3-3-3 triangle structure. Add to that the fact that the 4 hour time frame might show us a triangle of lesser degree (if confirmed) and a triangle almost always occurs prior to the final move of the structure which suggest NOT to expect a towards long term lows.
So what's the plan? We saw a impulse on lower time frames on Friday and if this results in a consolidation we can sell wave C of wave A lower towards 1.08 area. If however we see a reversal followed by a consolidation we can buy EURUSD towards 1.145.
updates will follow
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