Hellena | EUR/USD (4H): LONG to the resistance area of 1.05862.

Dear Colleagues, after the last upward movement it became clear that the wave “5” of the senior order is already completed and it means that we should expect the continuation of the correction “abc”.

At the moment I expect a corrective movement in wave “b” to the 50% Fibonacci area (1.03180), then an upward movement to the resistance area of 1.05862.
It is possible that the price will continue the upward movement, renewing the wave “a”.

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Judging by the way the price has updated the high of 1.04579, we can assume that the correction is complete or will not be so deep. In any case, I think it is worth considering long positions or pending limit orders.
I would like to see the level of 1.05000 reached, after which we should set trades to breakeven.

Note

The price has reached the level of 1.05200 and I believe that a correction to the area of 1.03180 is still possible, so do not forget to set trades to breakeven.
This way you always have a backup plan. If the price goes higher and reaches the target, everything is fine.
If the price starts a downward movement, you will lose nothing and go long at 1.03180 even more profitable.

Note

Friends, the price is still showing the intention to reach lower levels in order to draw wave “b”. Therefore, I repeat - do not forget that you should set trades to breakeven.

Note

Colleagues, I expect a continuation of the downward movement to complete wave “b”. At the moment the strengthening of the dollar looks the most probable and on the background of the news. But I remind you that I do not advise selling in this forecast. I advise to work with pending limit orders.

Note

The level of 1.03180 is close and the price continues its downward movement. Therefore, you should already look at long positions, although if you have pending limit orders placed, there is nothing to worry about.

Note

If you look carefully, it turns out that the middle-order wave “b” also consists of 3 waves. Therefore, I believe that the continuation of the downward movement is possible, but we should be careful, because the level of 1.03822 has already been broken and in the upward movement it can be perceived as a lower wave “c”.

Hellena_Trade

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Hellena_Trade

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