EURUSD
On the 1st of October we sew the start of a 15 day bullish rally which produced the recent swing high on the daily EUR/USD chart (21 October 2019) followed be a pull back to the 61.8 Fib retracement of leg 1 which is the target price for leg 2. Although there remains a bearish short term bias could this be an attempt to recover after the EURUSD recent sharp fall, the NEWMAC technical analysis would suggest so.
The technical principle at play is referred to as NEWMAC (New Age Elliot Wave Market Cycle) which is the Elliot Wave principal of a five wave cycle followed by an abc correction all conforming to Fibonacci levels.
Target for leg 2 at 61.8 Fib R of leg 1 @ 1.09939
Target and TP for leg 3 at 127.2 Fib Ex of leg 1 @ 1.12612