TimStuyts
Long

Update EURUSD trade plan

FX:EURUSD   Euro Fx/U.S. Dollar
440 1 5
For my previous post and context see below:

EURUSD what fundamentals win? or technicals...


In the beginning of next week I'll be looking for a break out for the EURUSD             . By means of the Green and Red arrows I tried to show my ideal scenario where we will see a test of the previous high on the 4 chart first after the anticipated break. Don't forget this high is a significant level that came in place after the high volume around the ECB press conference last month.

Therefore I like to see a consolidation/correction from that level. Once that consolidation/correction is over I will be looking to buy again for the next leg higher towards the Fibonacci confluence zone around psychological level 13.

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snapshot


EURUSD tested 61.8 Fibonacci support. I'm still looking for a bullish break-out. We might see another leg lower first so we are able to spot a clear 3 wave correction lower. Nevertheless the structure by means of the 'channel/Bull flag' pattern looks very corrective to me and that's why I'm only interested in a buy opportunity.
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