In previous idea I in details showed why this pair will fall down.
What next? I think this pair have bearish trend with targets until to 0.95
Now this pair have a two count.
My main scenario is that have ended wave 1 and will do a wave 2 in next several days to area 1.12-1.127 (50-61% of Fibo) with subsequent fall in wave 3 with a first target area nearly...
As you can see the pair touched the down trend and get down really good.
If you see the weekly chart you will fine thath price bounced at the 038 fib and the last candle is a big bearish candle showing signal for short.
in the 4h chart you can see that price broke the up trend so the most possible thing is a short to the area of the 1.0800
lets see the...
The bat pattern is now completed. Looking for price to retrace to FIBO 0.236, bounce for head and shoulder pattern completion. Then taking out support at 1.1907. And continuation of trend towards parity.
Well, the pair did not going rise upper that 1.14 how I expected. Wave (v) have ended at 1.13906 by extended diagonal. My order closed by SL at 1.127 today.
This ending of wave give a point for start an opposite movement of trend. In current wave count show, that this opposite movement is just a correction wave ((iv)) .
In common retracement for fourth waves...
I have waited the correction at 1.11 level, but there was more deep to 1.1065 with combination structure - double zig-zag.
The depth of this correction may say about happen alternative count:
1.128 = wave (3)
1.1065 = wave (4)
It is does not much important, because it is does not cancel rise again.
The structure of correction looking ended, although...
Technicals on the chart
Fundamentals :
US GDP was weak but blamed on weather.
Fed's Williams: June rate hike would require 'good' improvement in labor market, inflation. We have some critical data coming up this week Non Payrolls.
US nonfarm payrolls increased by 126,000 last month after a downwardly revised 264,000 rise in February, the smallest gain since...
EURNZD seems to be making an uptrend coming off the ALL time low. I will be buying as long as the trend holds.
Check the past post for this trade call.
Please share your views, like (click the thumb at the top of chart) and comment.
The structure significant changed from my previous idea about triangle. At the present time this structure getting look like more as flat correction. The movement from 1.052 looks like impulses waves: (i) - (ii) - - . If so, the next rise will have a good acceleration and grow at least to 1.119 (wave (iii) = wave (i) x 1.618)
If flat pattern will occur, then...
Technicals :
Broke two hour and daily trend line - Triggered by FOMC minutes(Strong catalyst) .
Correction seems to be over for USD and EUR weakness looks to continue.
Fundamentals :
- ECB started QE on March 9th and they are going to buy 60B per month until September 2016
- Fed got rid of "patient" from the FOMC statement on March 18.
- Fed officials want...
EURUSD nicely moving up to test he heavy resistance zone consisting of the 0.236 Fib level,
the top of the channel range, ichimoku cloud and a former resistance now support level.
I will be watching for (prior to taking a short position) a bearish candlestick formation such as a
shooting star, and a crossover by the 20 and 9 day moving average to confirm...
EURJPY short Idea
I like the fact the patterns of lower lows and lower highs are continuing here. there has been some strength in the last day, so watch that but overall still quite bearish at this stage
Looking for a sell continuation trade here down to around 136.20
EURUSD FOREX
Stead decline with no replacements.
Starting to look at counter trend pullback trades
Nice bounce from 1.3420
2 missed pivots
Above 1.3550 look to target missed weekly pivot
Look to trail stop.
Longer term view. Its going much lower so dont get caught up making a short term trade a long term trade
