EURUSD Wave Count
This pair just at a point where the 50ma is moving above the 200ma on daily chart, the euro itself appears to be consolidating to move higher, certainly on most x's
This is how I had the wave count 24 hours ago, still intact (I was a bit put off by the wee triangle, which looked bearish) but then reading the rsi, with a continuation pattern, oppositely would give a bullish outcome, as done so.
Given the geometry, and possibly time frame I suspect it may well be in wave c already - see alt count
in my view there's a couple more weeks of consolidation, to complete a wave D here, the fourth of five, to eventually complete an entire five wave pattern.
in a couple of weeks or so I expect the markets to go on a euro buying spree.
Fear not if you missed this move, there appears to be an almost imminent short right back down, one or a couple of days(?) into next week, where I think it forms an ending diagonal minor c similar to the large B (as above it may be doing so already)
Whether it reaches 1.14 or 1.15 or respects the resistance line at 1.136 or lower still remains to be seen.
The dollar, (using FXCM index) IMO, not quite yet peaked this wave .... markets effectively ranging near flat. Eventual euro bullish outcome, this is a month and a 1/2 long pennant-ish formation. In a couple of weeks or so I expect the markets to go on a euro buying spree.
This is how I had the wave count 24 hours ago, still intact (I was a bit put off by the wee triangle, which looked bearish) but then reading the rsi, with a continuation pattern, oppositely would give a bullish outcome, as done so.
Given the geometry, and possibly time frame I suspect it may well be in wave c already - see alt count
in my view there's a couple more weeks of consolidation, to complete a wave D here, the fourth of five, to eventually complete an entire five wave pattern.
in a couple of weeks or so I expect the markets to go on a euro buying spree.
Fear not if you missed this move, there appears to be an almost imminent short right back down, one or a couple of days(?) into next week, where I think it forms an ending diagonal minor c similar to the large B (as above it may be doing so already)
Whether it reaches 1.14 or 1.15 or respects the resistance line at 1.136 or lower still remains to be seen.
The dollar, (using FXCM index) IMO, not quite yet peaked this wave .... markets effectively ranging near flat. Eventual euro bullish outcome, this is a month and a 1/2 long pennant-ish formation. In a couple of weeks or so I expect the markets to go on a euro buying spree.
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