Hello traders! Analyzing the EURUSD chart with Elliott Wave theory, we've possibly completed the impulse sequence with the peak of wave (3) and have embarked on a corrective wave (4). The retracement is taking form, and I’m monitoring the key Fibonacci levels of 0.382 at 1.06882, 0.5 at 1.06815, and 0.618 at 1.06748 as potential turning points.
The current formation suggests a standard ABC correction could be at play, with wave (a) potentially ending near one of the aforementioned Fib levels. This setup often provides an opportunity to prepare for the next impulse wave, wave (5), which could propel prices even higher, potentially reaching the 1.641 extension at 1.07098.
As we're dealing with a currency pair that's sensitive to economic releases and political news from both the Eurozone and the United States, keeping a close tab on fundamental events is critical. Remember to adjust your strategy to market conditions and ensure you're comfortable with the risks involved.
I'm preparing for a potential long position if the price action confirms a reversal near these key levels, always with an eye on maintaining proper risk management protocols. Let's keep our analysis sharp and stay ready for the next move!
The current formation suggests a standard ABC correction could be at play, with wave (a) potentially ending near one of the aforementioned Fib levels. This setup often provides an opportunity to prepare for the next impulse wave, wave (5), which could propel prices even higher, potentially reaching the 1.641 extension at 1.07098.
As we're dealing with a currency pair that's sensitive to economic releases and political news from both the Eurozone and the United States, keeping a close tab on fundamental events is critical. Remember to adjust your strategy to market conditions and ensure you're comfortable with the risks involved.
I'm preparing for a potential long position if the price action confirms a reversal near these key levels, always with an eye on maintaining proper risk management protocols. Let's keep our analysis sharp and stay ready for the next move!
Trade closed: target reached
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