So far the EUR/USD went according to plan - except the 4th wave. This may got some of us stumbling. Anyway, I do think it's completed now!
So what do I expect to happen next?
Based on my analysis and all the inidicators that come with it, the story is crystal clear: We are going down. The initial target of 1.02/00 still stands (based on EW counts) but we may not get there in one straight move. There are several support levels in the way (i.e. 1.0500) that can potentially act as a platform for new bullish attacks. However, the overall picture is strong bearish and it stays that way, until the price doesn't close above 1.1800.
Taking the Ichimoku Kinko Hyo into consideration there is a wonderfully, strong bearish Tenkan Sen/Kijun cross coming up. The price is also below the Alligator which confirms it to the extend.
Bottom line
I currently have a short position running in most of my accounts and am not planning to close it anytime soon.
So what do I expect to happen next?
Based on my analysis and all the inidicators that come with it, the story is crystal clear: We are going down. The initial target of 1.02/00 still stands (based on EW counts) but we may not get there in one straight move. There are several support levels in the way (i.e. 1.0500) that can potentially act as a platform for new bullish attacks. However, the overall picture is strong bearish and it stays that way, until the price doesn't close above 1.1800.
Taking the Ichimoku Kinko Hyo into consideration there is a wonderfully, strong bearish Tenkan Sen/Kijun cross coming up. The price is also below the Alligator which confirms it to the extend.
Bottom line
I currently have a short position running in most of my accounts and am not planning to close it anytime soon.
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