EUR/USD Buy opportunity
- Price has moved in a sidewards range since 20th Feb.
- The range bound correction came after a strong impulse. Beginning to look like an extended flag pattern.
- DXY Index (4hr) currently forming a correction for possibly some further downside. (96.30) is a key level on the dollar index that if broken Tues/Wed could fuel the euro...
The complicated Elliott wave puzzle show us, clearly, what the probable entry level will be for a buy limit on EURUSD on the 1h chart.
We are in full subwave III of the major wave 2. A 38% retracement would not fall below the resistance of the top of the wave I.
A perfect fit for a good bullish restart.
Fundamentals:- The rate hike due out in December from the Federal reserve bank in the USA is now old news and the market has long priced in dollar strength. What is coming to light in the Eurozone is the bailout agreement for the U.K. and the European inflation slowly picking up pace. ECB tapering could be on the cards meaning the ECB will be looking at ways to...
Looking fo a D completion of a cypher pattern at 1.14845. if price action hits this point i will be looking for targets at 1.16996 and a second target of 1.18452 these are also backed up by previous structure.