Trend change confirmed on EURUSD!
Updated
My previous idea was looking out of a trend change and I think the 5 wave move to the upside has indicated that there is a BULL on the EUR.
Current Count: 5 wave impulse wave has completed with key fibs met and an ABC correction which retraced to just shy of 0.618%.
Forecast count: If this is indeed a wave 3, I suspect the extension to hit a) 1.618% or 2.618% as marked.
Key levels to look out for.
1) EUR needs to break the 100% level (1.07397) to ensure that this is a wave 3 as the alternative count is that this is a ZZ of sorts
2) A secondary alternate count is that this current impulse is wave B with a potential C wave short to retest the 0.618% mark. I have discounted this to some degree due how parabolic the B wave is.
Feel free to share your thoughts on my analysis as your views are welcome.
Happy Trading!
NOTE: Entry, SL and TP are not shown as I am not offering a signal service.
Current Count: 5 wave impulse wave has completed with key fibs met and an ABC correction which retraced to just shy of 0.618%.
Forecast count: If this is indeed a wave 3, I suspect the extension to hit a) 1.618% or 2.618% as marked.
Key levels to look out for.
1) EUR needs to break the 100% level (1.07397) to ensure that this is a wave 3 as the alternative count is that this is a ZZ of sorts
2) A secondary alternate count is that this current impulse is wave B with a potential C wave short to retest the 0.618% mark. I have discounted this to some degree due how parabolic the B wave is.
Feel free to share your thoughts on my analysis as your views are welcome.
Happy Trading!
NOTE: Entry, SL and TP are not shown as I am not offering a signal service.
Note
Eur has managed to make a new high this morning passing the previous wave 5 high which is a great sign. I anticipate this to reach higher highs today and the rest of this week as forecasted.Key Event to watch out for today:
- US unemployment claims looks negative for the USD so expect that to push the EUR right up as part of wave 3 (Forecast is 266k from 233k in December)
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