The chart above shows our preferred forecast in black. This means that we believe the recent bearish leg is in the 4th wave and about to complete the 5th wave downside. We expect this move to extend to 1.02x. This will be valid ONLY if price is maintained below 1.053.
Forex trade setup: Sell Eurusd at 1.04 with stop loss at 1.053. Target 1.025.
Alternatively, if price rallies above 1.053 to invalidate our view, we have our expectation labelled in green. An a-b-c rally (in yellow) to 1.065 will be expected to 1.06x. We can wait patiently for a sell after the correction. There won’t be any recommendation on that until we know what the correction would look like. If this happens, we stay aside.
Forex trade setup: Sell Eurusd at 1.04 with stop loss at 1.053. Target 1.025.
Alternatively, if price rallies above 1.053 to invalidate our view, we have our expectation labelled in green. An a-b-c rally (in yellow) to 1.065 will be expected to 1.06x. We can wait patiently for a sell after the correction. There won’t be any recommendation on that until we know what the correction would look like. If this happens, we stay aside.
Trade closed: target reached