Hi traders, We have seen manipulative moves on this pair for the past 2 weeks. This was not due to the strength of the EURO but to the weakness of the DXY. The current Wolfe Formation has completed its 5-wave move and will start a 2-week sale with a possible Bull Trap.
Comment
⋅
In addition, the moves after the November 27 US early closure are the moves made by the algo without liquidity.
Comment
⋅
I forgot to add, after a trap overflowing outside the 5-wave Wolfe Channel, the sale can begin with Bearish candles forming inward. When the first target 1.190 is broken, we should only wait to reach the target profit ratio 1 - 4 line to 1.17650.
@mobinpourenayatii, If you have enough liquidity, don't put any sl at all! Big players go for stop losses to ruin sellers, make temporary buyers, then start their huge sell! without any competitors. This is why they make a bull trap!
W2WCM
⋅
@Forextudent , Hi,
Yes, I agree with this view. If there is enough margin, you should wait but not open extra transactions.
malulekeouboet
⋅
I hope that next week it will start to drop 🙏
W2WCM
⋅
@malulekeouboet, hi,
I hope so and I shared the analysis to support my opinion.