Sokow
Long

Week2: EURUSD will rise

FX:EURUSD   Euro Fx/U.S. Dollar
What a strong week for the EURUSD! On the right side (W-Chart) you see a big triangle and the fibo 1 (1.02842) seems still to be a legal target. On the right side you can see the rise in wave 4.
In the 1H Chart we see two possible szenarios. If we believe the downtrend will continue then we should count 1 and 2 (in red).
If we believe that the 5 wave down move (in green) is completed then we should label it as truncated (failure) wave 5 and should expect higher prices. See 'alt: 1' in grey.
Nevertheless I believe we will see a rise over the next few weeks and months.

I'll post comments over the week and do a weekly checkup. Stay tuned!

Happy trading!!!

Further information:
In the last week the USDOLLAR             was a little weak. The statement of FED's president Yellen seems to have weeken the Dollar, which affects all majors.
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Now we have wave c (in red) in 5 subwaves (in green). This should complete the correctionand we should expect higher prices.

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Reply
We saw a bigger correction than expected but now we should get a wave iii in wave (iii). See the following chart:

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Reply
Still bullish!

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