gap. Now price is trying to fill the gap. The PA right at D point
may suggest a deeper 127or a 161 fib extension D point.
Also, the Yearly S1 is getting within reach and it would
be a great test test level to understand the longer term outlook
for the EurUsd , as S1 should give support in an uptrend
(viewing PA from a Monthy time frame). Near term, Monthly S2
is in confluence with the lower (oversold) band, which
ought to give support even in a strongly environment.
IF price, on lower TF will give a signal, added with
a daily close above 1,3215 or a filling gap close, it may give
more confidence in playing the ABCD, with a minimum target
at 1,3400. This level could then be used to short, targeting
the Yearly S1 and the 50% Fib retracement of the whole
large upswing at 1,3014. Using the PF and assuming PA
will not trade outside this lower band at any length, we are
looking at end of september for a move. The 1,30
level is also pointed out by the distance of the
neckline to the top, marked with vertical line in the chart.