The EUR/USD elliott wave structure now counts as terminal within multiple degrees. Moreover, the drop off the top looks impulsive. Last but not least, the picture gets confirmed on other USD/xxx pairs. A tight S/L can be set at the previous high. Further extension to the upside is not likely if that high holds. Target at the extreme point of the previous fourth wave of lower degree. This level is right between the 38.2% and 50% fibonacci.
Note
Close this stuff here. The wave structure is ambiguous at this point. Still, favor odds to the downside but this needs to be traded differently!+0.7%
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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.