What a strong week for the EURUSD! On the right side (W-Chart) you see a big triangle and the fibo 1 (1.02842) seems still to be a legal target. On the right side you can see the rise in wave 4.
In the 1H Chart we see two possible szenarios. If we believe the downtrend will continue then we should count 1 and 2 (in red).
If we believe that the 5 wave down move (in green) is completed then we should label it as truncated (failure) wave 5 and should expect higher prices. See 'alt: 1' in grey.
Nevertheless I believe we will see a rise over the next few weeks and months.
I'll post comments over the week and do a weekly checkup. Stay tuned!
Happy trading!!!
Further information:
In the last week the USDOLLAR was a little weak. The statement of FED's president Yellen seems to have weeken the Dollar, which affects all majors.
In the 1H Chart we see two possible szenarios. If we believe the downtrend will continue then we should count 1 and 2 (in red).
If we believe that the 5 wave down move (in green) is completed then we should label it as truncated (failure) wave 5 and should expect higher prices. See 'alt: 1' in grey.
Nevertheless I believe we will see a rise over the next few weeks and months.
I'll post comments over the week and do a weekly checkup. Stay tuned!
Happy trading!!!
Further information:
In the last week the USDOLLAR was a little weak. The statement of FED's president Yellen seems to have weeken the Dollar, which affects all majors.
