EURUSD has been particularly interesting as of late. It has been following the Elliott Wave schematics on both the higher timeframe and the lower timeframe.
On the monthly timeframe we can see that we're currently in the 5th wave and approaching a structure level where we may see a supportive bounce.
Will be looking to sell EURUSD until we hit the convergence point where we have:
- Structure level
- the -61.8 fibonacci extension
- Channel support
The longer term trade idea:
- Watch for price to reach the convergence zone between 1.04 and 1.05
- Once bullish price action appears, enter with stops below the lows
- Targets: 1.115 (700pips), 1.17 (1250pips)
Comment what you think below!
Goodluck and as always, trade safe!
On the monthly timeframe we can see that we're currently in the 5th wave and approaching a structure level where we may see a supportive bounce.
Will be looking to sell EURUSD until we hit the convergence point where we have:
- Structure level
- the -61.8 fibonacci extension
- Channel support
The longer term trade idea:
- Watch for price to reach the convergence zone between 1.04 and 1.05
- Once bullish price action appears, enter with stops below the lows
- Targets: 1.115 (700pips), 1.17 (1250pips)
Comment what you think below!
Goodluck and as always, trade safe!
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