EURUSD Opportunity
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EMA: Current 50 ema
RSI: Oversold and crossing 80. A break of RSI Trend will further support bullish momentum
Stochastic: Could turn for short time bull entry
Wave Count: Could possibly be in a 3 wave X in my opinion of labelling
Fibonacci Retracement: 38.2% of current range
Fibonacci Extension: 61.8% of prior range
Yellow Prediction: Preferred scenario. If we can find price pull back to 1.134, this would dramatically increase the R:R (Risk:Reward). My bias is for EURUSD to hit 1.15600 before a major pull back.
Teal Prediction: Second scenario. Due to the current 3 wave correction, this could break through the purple short-term trend line and break the top. Price is also floating around the 50 ema with RSI and Stochastic all showing a possible turn in momentum.
The verdict: I will wait for the first yellow arrow jump to hit the purple trend line, then start to take shorts to hit 78.6% located around the green square.
The risk: Stop loss will be tight as I mentioned in TEAL, this could break and run! Stop is at 1.5420 for the short.
Disclaimer
The information provided on this article/post is general in nature only, and does not constitute personal financial advice. The information has been prepared without taking into account your personal objectives, financial situation or needs. Before acting on any information on this article/post you should consider the appropriateness of the information having regard to your objectives, financial situation and needs. Therefore, before you decide to buy/sell or amend any product or keep or cancel a similar product that you already hold, it is important that you perform your own due diligence, understand the risks involved, read and consider the relevant Product Disclosure Statement (PDS) of the product provider to make sure that the product is appropriate for you. Before making any decision, it is important for you to consider these matters and to seek appropriate legal, tax, and other professional advice.
EMA: Current 50 ema
RSI: Oversold and crossing 80. A break of RSI Trend will further support bullish momentum
Stochastic: Could turn for short time bull entry
Wave Count: Could possibly be in a 3 wave X in my opinion of labelling
Fibonacci Retracement: 38.2% of current range
Fibonacci Extension: 61.8% of prior range
Yellow Prediction: Preferred scenario. If we can find price pull back to 1.134, this would dramatically increase the R:R (Risk:Reward). My bias is for EURUSD to hit 1.15600 before a major pull back.
Teal Prediction: Second scenario. Due to the current 3 wave correction, this could break through the purple short-term trend line and break the top. Price is also floating around the 50 ema with RSI and Stochastic all showing a possible turn in momentum.
The verdict: I will wait for the first yellow arrow jump to hit the purple trend line, then start to take shorts to hit 78.6% located around the green square.
The risk: Stop loss will be tight as I mentioned in TEAL, this could break and run! Stop is at 1.5420 for the short.
Disclaimer
The information provided on this article/post is general in nature only, and does not constitute personal financial advice. The information has been prepared without taking into account your personal objectives, financial situation or needs. Before acting on any information on this article/post you should consider the appropriateness of the information having regard to your objectives, financial situation and needs. Therefore, before you decide to buy/sell or amend any product or keep or cancel a similar product that you already hold, it is important that you perform your own due diligence, understand the risks involved, read and consider the relevant Product Disclosure Statement (PDS) of the product provider to make sure that the product is appropriate for you. Before making any decision, it is important for you to consider these matters and to seek appropriate legal, tax, and other professional advice.
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The information provided by Traders Mission is for educational purposes only. All information is provided in good faith and is not financial advice.
Twitter: twitter.com/TradersMission
The information provided by Traders Mission is for educational purposes only. All information is provided in good faith and is not financial advice.
Disclaimer
The information and publications are not meant to be, and do not constitute, financial, investment, trading, or other types of advice or recommendations supplied or endorsed by TradingView. Read more in the Terms of Use.