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E/U has maintained a clear pathway since 2008. Very Long Term, I expect 0.9500 and 0.8500 to be hit.
As it stands, there may be a chance to gun for 1.2500 first but I doubt it. E/U is in a long path down and
may go below parity.
Long term I suspect we will be heading towards the runaway gap. Will it be filled this year? I noticed that slides are more aggressive than run ups when it starts.
Watching. EU needs to close below 1.1670 (100 pips away) soon for selling to accelarate.
2 scenarios: Run up towards 112 before challenging Trendline support around 109.60. OR Run back up towards 114+.
My plan: Any more run down will be opportunity to buy considering daily chart and a peak at XAUUSD daily chart
This is a corrective A.B.C wave OR the beginning of motive (5 waves) down.
Disclaimer: This is a personal opinion and analysis. All viewers are encouraged to use good risk/money management and stop loss in trading.
The analyst is not responsible for any loss incurred by following his analysis.
If EURUSD closes below 114 this week, Bulls need to abandon ship. That will be one heck of a shooting star at exactly the Trendline resistance level.
I did EW count yesterday that was right on the money. By the analysis w5 of W5 terminated between 114.70-115 area. We got to 114.80 yesterday. I will repost
A bounce expected at this 113 (TL support) for either retracement before bearish continuation below 113 targeting 110.70
Bullish continuation to 114+
NB: Daily chart shows a possible Double Top around the 114.40 level resistance. There was a minor fake out above 114.40 that resulted in bulls trap