Currently, EURUSD is ranging and is residing within the 1.12800+ values to 1.13000+ values. While it is ranging, it is important to take note whether or not the re-test area (marked in the box) will break or not because once it does, the formation of a double bottom is very likely which would serve as our "Scenario A". However, should the minor resistance of 1.13200+ break then the chances of the major resistance breaking is also likely, thus activating Zone A of the Elliot Wave which is marked as our "Scenario B".
If you are a contrarian trader and wish to risk it then I highly suggest you start buying at 1.12500+ levels until 1.11800+ levels or simply just short should the re-test area break.
FA should also be considered, especially with COVID Omicron hitting Europe.
Disclaimer: This is for educational purposes only.
If you are a contrarian trader and wish to risk it then I highly suggest you start buying at 1.12500+ levels until 1.11800+ levels or simply just short should the re-test area break.
FA should also be considered, especially with COVID Omicron hitting Europe.
Disclaimer: This is for educational purposes only.
