Price hit a D extension to the downside off of a shallow retracement to the upside and stalled out at the 1.18 and 1.27 D extension.
I believe there is a possibility for long-term price to travel to the daily 61.8 fib level before a continuation to the downside.
I think we will see a short-term buy opportunity to 1.17500 first and if it breaks, there may be...
As you can see at this setup are huge sideways trend,
And this resistance line are so powerfull before he can break it.
Just for educational only, if you have other idea, please comment below ;)
We are in correction. wait for to end it and enter to buy position at wave3 of big wave3.
In the other hand, in case of breakage 50% fibo level, drop to 1.18447 at 61.8% fibo level for complete correction.
EURUSD could move a tad higher to complete minor wave 4 near 1.1145 before continuing lower. The said level is the 1.618% FE of wave 1/2 correction and also the 50% FR of minor waves 2/3.
Look for a valid breakout below 1.099 for medium-terms shorts but keep a cautious eye on short-term longs as the correction could end soon.
Should prices move above 1.1194 it...
It's not yet time to trade it, but definitely to watch it: the Eurusd may actually be about to end its weekly correction. Considering that the monthly is in a downtrend, a continuation of this downtrend may unfold on the weekly soon.
