I've been scrutinizing the EURUSD chart and it looks like we're seeing a compelling setup for a potential short. According to Elliott Wave theory, the pair has recently completed Wave (3) and is beginning to form Wave (4), which is typically a corrective phase.
Currently, the price is oscillating and could retrace to key Fibonacci levels associated with Wave (4) corrections. I am particularly eyeing the 0.382 Fibonacci level at 1.07858 and the 0.5 level at 1.07818 as probable targets for this retracement.
Given this configuration, initiating a short position around the current levels could prove advantageous, aiming for these Fibonacci retracement targets. A prudent approach would involve placing a stop-loss just above the recent high reached at the peak of Wave (3) to manage risk effectively.
Watch for price action confirming this setup and, as always, maintain strict risk management to navigate this trade successfully.
Currently, the price is oscillating and could retrace to key Fibonacci levels associated with Wave (4) corrections. I am particularly eyeing the 0.382 Fibonacci level at 1.07858 and the 0.5 level at 1.07818 as probable targets for this retracement.
Given this configuration, initiating a short position around the current levels could prove advantageous, aiming for these Fibonacci retracement targets. A prudent approach would involve placing a stop-loss just above the recent high reached at the peak of Wave (3) to manage risk effectively.
Watch for price action confirming this setup and, as always, maintain strict risk management to navigate this trade successfully.
Trade closed: target reached
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