From using major support and resistance zones in previous weeks, I can see EURUSD is current sitting above the previous resistance (1.17570) which will now act as a support level. We've also spotted an ascending triangle, from here in expecting price to retrace to the previous resistance (now support) which would also mean a break from the ascending triangle and...
EUR/USD May fall 50-100 pips
Price has broken out of the ascending channel and has formed a new downwards trend. Support at 1.0947. The 38% level on the fib has already been crossed, if the current trend continues, price is likely to go past this point.
Intraday - 4H
Sell or Below: 1.1042
Target TP: 1.0947 & 1.0888
Pivot and Support ...
On the daily time frame we have a possible 5-Elliot wave formation, with the 5th impulse on a 1.217 extension. Price is currently sitting around the monthly and weekly resistance level (1.200). We can possibly trade the correction wave to the downside on PA confirmation. We have multiple possible trade setups for different strategies and styles of trading. We have...
End of elliot wave formation, trend is going to reverse (short term) heading down to lower fib retracement 78.6%.
Technical analysis can be confirmed by fundamental analysis if there are no surprise with the USD ISM and USD FOMC rate decisions.