EURUSD continues to fall. My assumption is that the EURUSD will make a further downward move. The next target price : 1.14457 The orange dashed line in the analysis shows two auxiliary axes. The light yellow line is the closing price of EURUSD at the end of last year. The height of the green square is the distance between last year's high and the closing price. It can be seen that the EURUSD corrections hold exactly at these points. Therefore, I assume that further corrections will also take place in these phases in the future. In case the analysis is correct, we will see further euro weakening next week. The weakening waveform as described will be similar to the waveform seen in the previous wave sequence (white line)
What do you make of today's correction ? A bit too strong / or just the norm to a heavily oversold pair ? Good Work
meszaros
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@Summerset, I see this as a regular technical correction. I would like to show you something. I have written many times that the strategy I use is a fractal and wave strategy. In the longer term, it has worked very well for me. Now it looks like EURUSD may be on the verge of building another major downward fractal. At the moment this future move seems unbelievable, however the multiple calculations around fractals are very similar. If this is true, we could see a definite dollar strength in the coming years. Right now, the picture is not even clear to me. But for now I am trading under this scenario. I prefer to look for EURUSD shorts.
khaledsamodien
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definitely bullish
meszaros
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@khaledsamodien, I see. I disagree with that. In my opinion, another falling fractal is forming. All the uptrends are being reversed. This implies a further decline.
I agree with the idea as the pair has broke through a level that has served as support previously around the end of August and is now retracing back to that same level in which I believe a impulsive move could occur.
I can also justify my agreement with the use of Fibonacci. Wish you luck with this trade.
Basit-Abdul
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meszaros
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@Basit-Abdul, Great analysis. Thanks for sharing it on my site. 👍
Good Work