EURUSD - starting multi-months rally to the upside

USD weakness is kicking in after it outperformed it's pairs for the last months.
Now EURUSD is looking for the upside, targeting the 1.20 area.

Note

Price testing trend line and 1.16 level and is in oversold RSI area.
Expect it to fall a bit down to the retracement levels and testing the moving average again, I believe it will have a little hard to break below 0.236 - 0.382 levels as corrections often stop around previous wave 4 levels.

Don't short it, it's not worth. Better wait, once the correction ends, start buying.

Note

Price corrected as expected,
Long entry made @ 1.1557
SL @ 1.1488 at first then moved to break even after price reached previous high reaching 1/1 R/R.
Trend line broken, wait for retest before making new entries.

Note

Trade closed: target reached

Trade closed when price reached the 0.618 Extension level.
Even tho price has potential to go up to 1.20 - 1.22 area
I'm stoping everything for now on this pair until I find a clear setup.

So, this trade gave +172pips.

Note

Price seems to be in a complex correction for now.
So, short term there will be a bit of USD strenght before it starts fading.
Therefore, wait for the correction to end before thinking about long positions.

ElliottWaveBelgium

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ElliottWaveBelgium