I'm examining a potential long opportunity for EUR/USD using Elliott Wave principles. Our analysis suggests that we're on the verge of entering a new bullish impulse wave.
The market has shown signs of completing a corrective phase with wave (4), and is now transitioning into what appears to be a bullish wave (5). This phase often offers substantial upward potential.
Wave (5) initiation: We are targeting the Fibonacci retracement levels for wave (5), with initial sights set on the 1.08128 level as a first objective, and potentially extending up to the 1.618 level at 1.08677. This target aligns with the typical extensions seen in a strong impulse wave.
For those considering a long position, the start of wave (5) could provide a strategic entry point. It’s crucial to monitor this development for bullish confirmation as the wave progresses to ensure it aligns with our expectations.
Effective risk management is key; setting stop losses just below the recent low of wave (4) will help protect against potential downside. I’ll continue to provide updates on this setup and any adjustments needed based on how the pattern develops.
The market has shown signs of completing a corrective phase with wave (4), and is now transitioning into what appears to be a bullish wave (5). This phase often offers substantial upward potential.
Wave (5) initiation: We are targeting the Fibonacci retracement levels for wave (5), with initial sights set on the 1.08128 level as a first objective, and potentially extending up to the 1.618 level at 1.08677. This target aligns with the typical extensions seen in a strong impulse wave.
For those considering a long position, the start of wave (5) could provide a strategic entry point. It’s crucial to monitor this development for bullish confirmation as the wave progresses to ensure it aligns with our expectations.
Effective risk management is key; setting stop losses just below the recent low of wave (4) will help protect against potential downside. I’ll continue to provide updates on this setup and any adjustments needed based on how the pattern develops.
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