TimStuyts

EURUSD bigger picture follow up and short term set-up

FX:EURUSD   Euro / U.S. Dollar
297 0 9
The bigger picture for EURUSD             hasn't changed yet and moved accordingly on the lower time frames.I like to see a leg higher for wave 'b' before selling the third leg lower for wave 'D' of the triangle of higher degree.
The 50% Fib level is by far the most important ratio for the EURUSD             and we should therefore use this in our advantage. I will be looking for a consolidation of this current minor impulse on the 1 hour time frame for a potential buy towards 1.145-1.150.
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Ideally we see the bullish continuation out of the 50% Fib confluence zone.
I'm not interested in a sell at the moment because of the structure on lower time frames.

updates will follow.

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Comment: The EURUSD moved higher but the consolidation wasn't ideal. However we are above the 50% Fibonacci zone and this kind of levels we should use in our advantage. If structure shows a continuation out of these kind of zones the 'support/resistance' actually matter. Let structure tell us what's next and potential support/resistance will follow, not the other way around.
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Trade active: Guy's I bought EURUSD at 1.07 after the bullish continuation and minor consolidation. However we are not out of the danger zone and the safest trade would be to see a clear impulse and consolidation. There is plenty of room to the upside (1.145) if my wave count projection is correct followed by a sell opportunity.
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