EUR/USD is holding at its support level, presenting a Best-Buy opportunity for taking a long position.
However, there are multiple scenarios to consider for setting stop-loss (SL) and take-profit (TP) levels.
SCENARIO 1
- Indicated by the blue line in the chart
- EUR/USD is currently in wave 4, specifically completing wave D (from the ABCDE sequence), requiring one more motive wave.
- In this scenario, one more bearish movement (wave E) is expected before the onset of wave 5.
Key indicators for this scenario:
- If in the last week of June, the price rises without making a new low below 1.065, an instant buy can be taken with an SL at 1.065 and TP at the end of wave D (around 1.09).
- This scenario is more fundamentally sound as wave 5 is likely to wait for a weakening of the dollar, anticipated when the Federal Reserve cuts interest rates (scheduled for December 2024). Hence, EUR/USD is expected to remain sideways for some time.
- If the price breaks below 1.065, then Scenario 2 should be considered.
SCENARIO 2
- Indicated by the orange line in the chart
- EUR/USD has completed or is at the tail end of its wave 4 (wave E is complete).
- This implies a long position can be taken, expecting gains from wave 5.
Key indicators for this scenario:
- If in the last week of June, the price does not rise and remains sideways at this support level.
- The weekly candlestick wick penetrates 1.065 (but not below 1.06) and closes above 1.065 by the end of the weekly/monthly candle.
- A buy position can be placed at the beginning of July for a longer-term gain through wave 5, with a buy at 1.065, SL at 1.06, and TP at 1.12.
- It is important to note that this scenario is based on the end of a sideways wave, thus it is not yet fundamentally sound.
Conclusion
- Both Scenario 1 and Scenario 2 are bullish, with no bearish scenario considered unless the price breaks below 1.05.
- These are the two most likely scenarios according to the author, though many other scenarios may unfold. Updates will be provided based on weekly price movements.
Disclaimer:
This analysis serves for informational purposes only and should not be considered investment advice. Conduct thorough research and consult a financial advisor before making any trading decisions.
NB: A friendly reminder that tonight is a full moon
Good Luck :)
However, there are multiple scenarios to consider for setting stop-loss (SL) and take-profit (TP) levels.
SCENARIO 1
- Indicated by the blue line in the chart
- EUR/USD is currently in wave 4, specifically completing wave D (from the ABCDE sequence), requiring one more motive wave.
- In this scenario, one more bearish movement (wave E) is expected before the onset of wave 5.
Key indicators for this scenario:
- If in the last week of June, the price rises without making a new low below 1.065, an instant buy can be taken with an SL at 1.065 and TP at the end of wave D (around 1.09).
- This scenario is more fundamentally sound as wave 5 is likely to wait for a weakening of the dollar, anticipated when the Federal Reserve cuts interest rates (scheduled for December 2024). Hence, EUR/USD is expected to remain sideways for some time.
- If the price breaks below 1.065, then Scenario 2 should be considered.
SCENARIO 2
- Indicated by the orange line in the chart
- EUR/USD has completed or is at the tail end of its wave 4 (wave E is complete).
- This implies a long position can be taken, expecting gains from wave 5.
Key indicators for this scenario:
- If in the last week of June, the price does not rise and remains sideways at this support level.
- The weekly candlestick wick penetrates 1.065 (but not below 1.06) and closes above 1.065 by the end of the weekly/monthly candle.
- A buy position can be placed at the beginning of July for a longer-term gain through wave 5, with a buy at 1.065, SL at 1.06, and TP at 1.12.
- It is important to note that this scenario is based on the end of a sideways wave, thus it is not yet fundamentally sound.
Conclusion
- Both Scenario 1 and Scenario 2 are bullish, with no bearish scenario considered unless the price breaks below 1.05.
- These are the two most likely scenarios according to the author, though many other scenarios may unfold. Updates will be provided based on weekly price movements.
Disclaimer:
This analysis serves for informational purposes only and should not be considered investment advice. Conduct thorough research and consult a financial advisor before making any trading decisions.
NB: A friendly reminder that tonight is a full moon
Good Luck :)
Note
SSo far so good, scenario 1.Note
time to consider scenario 2, if this month candle close above 1.064-1.066, its a perfect 38.2% of our pre-assume wave 3, then think July would be at bull's sideNote
if today, daily candlestick close slightly above 1.065, consider scenario 2but if today's price rise without thouching 1.064-1.065, lets stick to scenario 1
Note
Dont forget to follow, i'll update the idea tomorrow before the market open
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.
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.