The EUR/USD was going down last week but couldnt break a major support at 1.107 so the probability of a bounce next week is high and we may target 1.1130 then 1.1160 although in the long term the trend is bearish this long position have a good chance to happen
In recent a beautiful Bearish bat occurred and it worked perfectly.
But now price is at different room, as per our analysis whenever a harmonic pattern completes and if it's reversal get success in it then
there is a high probability that price can reverse .
Also EMA's are coming across for the cross over.
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Expect a drop the the 38.2% fibonacci retracement level by the week's end.
channel highs on the weekly chart are followed by drops to the 38.2% retracement level
EUR/USD was roughly at a channel high last week
Opened a short position on the daily TF
Volume, moving average and baseline are all confirming a downtrend.
Also, the previous day candle just closed below the 0.618 Fibo level.
Trade TP is 1x of the ATR and SL is 1.5x of the ATR.
Once TP hits, move stop loss to Break even and let your winner run.
Eurusd looks very bullish after a long downtrend. he was able to break out of the important 1.126 zone of resistance and find himself back in the 200 EMA.
However, I continue to go from a small correction before he shoots dan further up.
EUR/USD has been trading in a large downtrend and is looking for a big move. It can keep trading in its current perfect downtrend with small buys and larger sells or it can break the trend and we will see it make a total reverse or it will have new monthly lows.
As far as we can see, the trend went through the level of previous low and it's clear it goes further down. I suppose we see an Elliote Wave C. It's not completed yet. However I suggest to look carefully for pullback, then we may oppen a sell stop order under the complete wave C and wait for incoming news reports. It is likely to hit the lower trendline. Recent...
Recently due to the news from EU euro wenr down. Now we can see a corrective Elliote Wave, where wave 1 is already done, wave 2 is in progress, so we have a reason to wait for the wave 3 down. In addition, there will be some news about EU at Monday, so it's highly likely we'll see another strong wave down. I suggest to put a buy stop order under the end of wave 1.
From the begining, I hesitated how it will move, will it be able to get through the upper line of the previous channel (purple line) or it will move in a new channel (blue lines). I suggest to take a look at Elliot Wave pattern built in current small channel (orange lines). It looks like the line 5 is to be done yet. That's why I suppose the EURUSD will be going...