AbsS
Long

EUR/USD Long

FX_IDC:EURUSD   Euro / U.S. Dollar
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2
Wyckoff Analysis

A: Big volume increase on rally followed by inability to rally higher = buying climax. Consolidation range set.
B: Cause being built with sudden change of character - biggest rally since range started. Sign that something is now happening in terms of long/short by smart money. Gradual increase in volume towards C therefore rally seen as sign of weakness.
C: Biggest volume to date in range (ignore news peaks) at lowest point = spring. Accumulation and not distribution confirmed, tests done after spring too to doubly confirm.
D: LPS (last point of support) likely + thin move up after USD news = void fill may coincide with LPS before markup begins. Void fill also coincides with OTE 1.35% retracement. Green box = retracement levels 38.2-78.6. Can scale in at BUI (back up onto ice)/range retest.
E: not taken place yet - markup.

Lingering market at C region looks like a shakeout to loosen weak holders of EUR before they shoot price up.

Long in green box.
Confluences: void fill + OTE 1.35% level + LPS before markup.

NOTE: duration of retracement not drawn to scale.
Comment: Long was correct as confirmed by Phase C spring.
Will look to scale in on retest as indicated initially.

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