the flag in formation on the 1h chart shows a clear possibility of short entry on eurusd. I divided the target into two steps: the first as a projection of the flag itself, the second as hypothetical wave C of the wave A.
The strong downtrend that dragged the USD currency cross to a minimum of 105.70 (then up to 106.27) does not seem to want to stop.
As the expanding levels of fibonacci show, there are still 150 pips to go down, or maybe even more.
104.50 is the price that I expect to be achieved in the coming days.
I lacked a piece to understand how far to dare with imagination and foresee the development of this new "coin war".
In the end I found it and convinced me immediately. An unusual Fibonacci expansion suggests to me what will happen in the coming months. And it does so with great precision. Let's get ready for the flight of the euro.
Long by 1,3600.
The price movement, well described by the levels of the fibonacci expansion, is in full retracement phase (B wave). Perhaps it will continue to retrace even a little, or it will consolidate again in lateral direction, but a new impulse at the 1.2625 level seems almost obvious to me.
After touching the high of 1.2539, eurusd started a retracement phase.
The downtrend analyzed here is the C major.
Where it will end we can not say with certainty but some elements taken into consideration make us suppose that the price, in the short term, will have a small rise before continuing its descent. Let's see what.
1) Fibonacci captures to perfection...
In the coming days there may be a bullish breakout of the long line of support at the price level of 110.50.
If this hypothesis were to occur then a long position for another 100 pips (111.50) would be rewarded.
The bullish sentiment seems to be confirmed by the positions of moving averages.
EURUSD 4h. Let's expect a retrace after the double top at the end of wave 5.
Enter short after the uptrend breakout with target just above the previous minimum at 1.2220, level coinciding with 50% of fibonacci.
What I expect from this price movement is a further retracement at the 61% level (wave 4) after the trendline breakout.
Once reached this level, enter short until the price of the previous minimum 108.30