EURUSD - Looking for 1.20 zone - but short term risk down.

We are in a correction started at 1.13

Two possible counts now :

1) Wave B is in place so now price is making wave C higher as a motive wave giving long opportunites. ---------------------------> LONG

2) We are in a WXY formation, so that we then need price to fall down to Y to have B in place, followed by a C wave higher.
In this case, the (i, ii) wave count is a 3 way (abc) move who might be completed. --------------------------------------------------> Pending Long OR Short Intraday


Economic events did not help enough today.

Comment:

Wave 3 done

Trade active:

Price fell as expected, now there should be a move higher. The divergence forming says that also.

Trade Setup : Pending Long for a few pips.

** Entry : Wait for MACD's blue line cross the orange one, trend-line break and/or MA before entering this trade
** SL : last low.
** Target 1 : go after 0.618 Extension level as there might be a truncated wave 5 (means this wave will stay lower than wave 3 high)
** Target 2 : 1.1770
* * * Note : To find the end of this move, look out for divergences.

Comment:

Comment:

Price going my way, SL moved to break-even.
Now it's a risk-free trade.

Trade closed manually:

TP because leaving the screen for today.

Comment:

+67pips

Comment:

Wave B seems to be in place. Price now in a motive wave higher.

*Is there still a chance for this move to be an irregular flat ? If yes, price needs to turn before 1.1854 (Fib 1.382 lvl).