EURUSD Wave and Fib Analysis -insightful. Newish highs expected.
Updated
EURUSD is certainly in an uptrend here but currently testing strong overhead resistance from the previous high from 9/08/17 (brown line.) A pullback is expected where I will be placing buy orders.
Correct me if I'm wrong but the orange fib is running from the peak at 1 to the trough at 2. The extensions appear to cluster with other resistance levels in the area. 1.23000 has been a hugely important level in years past so profits should be secured before this area. Stop loss defined below the wave of 1 - 2, thus invalidating the wave theory, around the 1.17100 level.
Entries and exits will be posted. Good luck traders!
IF you found this analysis useful or thoughtful Likes/Comments/Follows are much appreciated!
TElphee – Self-made Technical Analyst. 5-year market enthusiast with experience in Forex, Futures and Cryptocurrencies.
Disclaimer: Oanda data shown. This is NOT investment advice.
Correct me if I'm wrong but the orange fib is running from the peak at 1 to the trough at 2. The extensions appear to cluster with other resistance levels in the area. 1.23000 has been a hugely important level in years past so profits should be secured before this area. Stop loss defined below the wave of 1 - 2, thus invalidating the wave theory, around the 1.17100 level.
Entries and exits will be posted. Good luck traders!
IF you found this analysis useful or thoughtful Likes/Comments/Follows are much appreciated!
TElphee – Self-made Technical Analyst. 5-year market enthusiast with experience in Forex, Futures and Cryptocurrencies.
Disclaimer: Oanda data shown. This is NOT investment advice.
Note
Community- What could I do to make this post better? Here I have done everything right and eliminated every possible reason for not getting views/likes. I'm losing hope in Trading View. There are traders posting ideas that are not useful getting thousands of likes. In this case there are traders with less posts/rep, posting the same trade idea, with LESS ANALYSIS getting 10x more likes than I have.
This post deserves more attention and TV's reputation system is skewed. I've been at 980 rep for the last 6 months even though I've doubled my followers and publications.
Any suggestions?
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