Eur/Usd
Expecting more downside on EU.
Weekly Time frame -
Structure is bearish making LL & LH
Rejected the descending trend line & 61.8% Fibonacci
Looks like the end of wave 4
Daily time frame -
Price action is in a correction after an impulse to the downside
ABC correction of wave 4
Price did break out of the descending trend line temporarily but closed back inside creating the rejection on the weekly.
Keeping in mind that we do have the 78.6% Fibonacci above current price which aligns with previous structure. I will be monitoring price action and looking for sell entries on the H4 & H1 to complete wave 5 of this impulsive wave. Targeting the -27% Fibonacci.
This correlates with the DXY chart i posted last week expecting USD strength
Expecting more downside on EU.
Weekly Time frame -
Structure is bearish making LL & LH
Rejected the descending trend line & 61.8% Fibonacci
Looks like the end of wave 4
Daily time frame -
Price action is in a correction after an impulse to the downside
ABC correction of wave 4
Price did break out of the descending trend line temporarily but closed back inside creating the rejection on the weekly.
Keeping in mind that we do have the 78.6% Fibonacci above current price which aligns with previous structure. I will be monitoring price action and looking for sell entries on the H4 & H1 to complete wave 5 of this impulsive wave. Targeting the -27% Fibonacci.
This correlates with the DXY chart i posted last week expecting USD strength
