Good day traders,
The EURNZD has given us a signal clear as day. What to consider is that we are currently trading in a bullish ascending triangle, the resistance of our ascending triangle is above our resistance cluster, we have currently broken out of our resistance cluster and to top it all off we spotted a bearish ABCD pattern that is on it's way to get...
On the monthly chart (left side) EURUSD creat again a retracement till the 0.618 fib level as it happpen already previously.
The market anyway didnt create new lows before the retracement.
Price now is approaching the monthly discending trendline and we can expect 2 different scenarios.
On the weekly chart the price could break above the trendline (purple) and...
EURJPY on the monthly chart has approached the monthly descending trend line.
Market has been in a descending trend inside a descending channel from Jan 2018 till it created a double bottom on a monthly structure.
On the weekly chart the market in June broke and retested the channel with a retracement till the 0.5 fib level before continuing the uptrend move.
Now...
In the chart I drove Elliot wave count on Monthly timeframe.
If wave count turns out to be correct, we might be in wave 4 at the moment. Strong support could be seen only at 1200-1400$ range.
If you look closely, we are forming U shape temporary bottom. Looking at MACD (-777.014) we might also see it bottoming out. Looking from psychological perspective it would...
