Fx-AlphaStrats
Short

EURUSD Wave and triangle with support of economic data

FX:EURUSD   Euro / U.S. Dollar
if The price is breaking above the resistance line.
we could se the price extend the 5 wave.

if the symmetric triangle, does not break the resistance line, a correctional waves of ((a)), ((b)) and ((c))
could occur. i see the price fall to around 1.18710. before further upside.

if wee look at the divergence, there is a big chance of the price to break resistance, and therefore extend the waves.
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Calendar:

We have this week FOMC Members speeches this whole week, except of friday.
We also have GDP numbers for Q4 Wednesday. which is expected to be 0,1% higher than previously .
overall this week will be full of high and medium importance economical numbers from US. Where the consensus is higher than previously. And only low importance numbers from EU with medium importance numbers from France, Spain and Germany this week.

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We have:

1. 5 wave sequence, with correctional waves, and a descending wedge in the correctional wave from (( iii -0.82% )) to ((iv))
2. bullish divergence .
3. Symmetric triangle, with 54% chance of break of the resistance line.
4. Correctional waves, if the price break the support line in the triangle.
5. a lot of important Fundamental data for us and low amount of data from EU.
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Overall:

The price have a high probability of breaking the support line in the triangel, as we have a finished 5 wave sequence, with a double top , and is ready to start its correctional waves. and we have coming economical data that can support the break of the support line.

A trade can find place when the price is breaking the support line og the resistance line.
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