WaveAnalysis
Long

EURUSD Long Trade Setup

OANDA:EURUSD   Euro / U.S. Dollar
Hello Traders

As you can see, we have a regular flat after a sharp up impulse which broke both yellow and blue trendlines . Inside of the correction, we have a 3-wave structure. There is no divergence between the A and C waves which can be a problem. That being said, the yellow C wave has reached 0.500 retracements of the blue A as well as 0.272 extensions of the yellow A and retested the broken trendline . I think we have a pretty nice corrective structure and a really good chance for more upside. That's why I'm looking for a long trade setup. What we have at the end can be a tiny reversal impulse. If it makes a correction, I'll place a pending order above the top. My risk will be 0.5%. If we have a sharper reversal impulse before the correction, I'll risk 1%. My target is the completion of the higher degree corrective structure. It can be running or expanding flat. That's why I don't know how far it will go. We will see its potential.

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Trade with care.
Bulent
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