Hello Traders,
EURUSD´s decline is still in progress and it seems it is not done. While making a high at 1.19103 at Aug 2nd, the Pair is still moving in a ZigZag Pattern. The other option is that EURUSD is at a multiweek lasting decline of impulsiv structure to around the 1.11xx area.
The decline from 1.19103 to 1.16878 is the Wave "a/1" down and the countertrend to 1.18472 the possible Wave "b/2"! EURUSD since than dropped to a new low at 1.17200 which was the low of Wave 1 of c or there is still a lower low at ~ 1.17723 - 1.16501 range which will mark the Wave 1 of c low!
The reversal from 1.17200 to 1.17691 met the .38 RT from 1.18472 - 1.17200 and can be labbeld as Wave 4 of 1 by the alternate count or it is Wave a of 2!! The MoB for the alternate Count is the Level 1.17478, marked by the blue Trendline at the Chart!
Have a great day
rubennase
Questions and Comments are welcome!
Disclaimer:
Note!---> This Analysis can be wrong. It is just in my view the one with the most probabiltity with the Data which are available to me and by my interpretation the EW Theory. If you trade this it is done by your own risk and decision! Keep that in Mind!!!!
EURUSD´s decline is still in progress and it seems it is not done. While making a high at 1.19103 at Aug 2nd, the Pair is still moving in a ZigZag Pattern. The other option is that EURUSD is at a multiweek lasting decline of impulsiv structure to around the 1.11xx area.
The decline from 1.19103 to 1.16878 is the Wave "a/1" down and the countertrend to 1.18472 the possible Wave "b/2"! EURUSD since than dropped to a new low at 1.17200 which was the low of Wave 1 of c or there is still a lower low at ~ 1.17723 - 1.16501 range which will mark the Wave 1 of c low!
The reversal from 1.17200 to 1.17691 met the .38 RT from 1.18472 - 1.17200 and can be labbeld as Wave 4 of 1 by the alternate count or it is Wave a of 2!! The MoB for the alternate Count is the Level 1.17478, marked by the blue Trendline at the Chart!
Have a great day
rubennase
Questions and Comments are welcome!
Disclaimer:
Note!---> This Analysis can be wrong. It is just in my view the one with the most probabiltity with the Data which are available to me and by my interpretation the EW Theory. If you trade this it is done by your own risk and decision! Keep that in Mind!!!!
while EURUSD dropped to new intraday low at 1.16872 that the Pair pullback the zone @ 1.17482 -1.17734 at minimum. Another Target zone also comes into play @ 1.17860 which is the .618 RT of the decline.
If EURUSD trending lower and so Wave (I) is still in progress a common target is at 1.16500 area.
RSI is deeply oversold but shows right now not a divergence what I want to see befor reversing.
Have great day
rubennase