EURUSD has been declining from several weeks now and every one was trying to pick a bottom for a bear rally. Well let me try my version on it. I have applied Elliott Wave from the top of the pattern and I see a 5 Wave decline which means this is just a first round of corrections i.e Wave A. Once Wave A is complete we will see a retracement of 50 to 61.8% of the complete down move which will be Wave B correction and it will be a corrective wave. Then we will have a minimum equal legs down move for Wave C where Where C = Wave A from Wave B.
Now coming to price targets as that is what all of us are interested in. I see an expanding triangle just completed in Wave 4 of Wave 5 which keeps us for one last down move which comes around 1.3137 when calculating the triangle thrust targets. Which is also at 38.2% fib of a long term monthly retracement. I would go long at 1.3140 with 50 pips stop and a potential target of 1.3450 as target 1 at 38.2% retracement of the down move.
There is also a bullish divergence.
Long @ 1.3140
StopLoss: 50 pips
Target: 1.3450 (310 pips)
This is just my analysis based on Elliott wave and Fibonacci analysis. Any feedback or comments are appreciated.
Happy Trading.!!
Now coming to price targets as that is what all of us are interested in. I see an expanding triangle just completed in Wave 4 of Wave 5 which keeps us for one last down move which comes around 1.3137 when calculating the triangle thrust targets. Which is also at 38.2% fib of a long term monthly retracement. I would go long at 1.3140 with 50 pips stop and a potential target of 1.3450 as target 1 at 38.2% retracement of the down move.
There is also a bullish divergence.
Long @ 1.3140
StopLoss: 50 pips
Target: 1.3450 (310 pips)
This is just my analysis based on Elliott wave and Fibonacci analysis. Any feedback or comments are appreciated.
Happy Trading.!!