End of a nice impulse run, fib level from start to finish looking like a nice spread,
Price will consolidate for a short period breaking the uptrend to then retest this areas pull back to the .318 level and im looking for a push to the downside to go short.
Waiting for the Bearish flag pattern to be broken with a engulfing candle on the lowertime frame,
Price has broken the daily uptrend, now its a waiting game for this to occur & price to reach the 0.382 level as my TP1.
After the run from the daily channel to the lower levels of support , I will now expect a pullback to the Fibonacci key levels .318/.50/.618/.1
Patience now will play a huge part of this position waiting for the break and retest of the hourly downtrend, if that fails then obviously will be looking at the break and retest of the support acting as a new resistance...
Our outlook for EURUSD in the bigger picture is cautiously bearish. The pair seems to have traced or is tracing out what seems to be a large A-B-C pattern with the final leg of wave C still unfolding as shown above. However we are attentive to the clear bullish divergence on Weekly MACD as shown in chart above (red lines).