Hi All!
Last week, the euro continued its correction after a strong impulse, which is identified as subwave 3 within wave 3 of a higher degree. A technical correction occurred at the end of the week, and now the key question is whether it has been completed.
๐ Key Levels:
โ 1.08600 โ A breakout will confirm the end of the correction and open the way toward resistance levels at 1.09100 โ 1.09400.
โ If subwave 4 is complete, the next targets are 1.1100 โ 1.1200.
โ Deeper correction scenario: A possible dip toward the 100-hour moving average around 1.07800. If this level holds, we expect further growth. Otherwise, a deeper correction toward 1.07255 (38% Fibonacci retracement of subwave 3) could follow.
๐ Whatโs next? We are waiting for a confirmed breakout of 1.08600 or a rebound from the 100-SMA (H4).
Last week, the euro continued its correction after a strong impulse, which is identified as subwave 3 within wave 3 of a higher degree. A technical correction occurred at the end of the week, and now the key question is whether it has been completed.
๐ Key Levels:
โ 1.08600 โ A breakout will confirm the end of the correction and open the way toward resistance levels at 1.09100 โ 1.09400.
โ If subwave 4 is complete, the next targets are 1.1100 โ 1.1200.
โ Deeper correction scenario: A possible dip toward the 100-hour moving average around 1.07800. If this level holds, we expect further growth. Otherwise, a deeper correction toward 1.07255 (38% Fibonacci retracement of subwave 3) could follow.
๐ Whatโs next? We are waiting for a confirmed breakout of 1.08600 or a rebound from the 100-SMA (H4).
Trade closed: target reached
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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.