Euro / U.S. DollarShort
EUR/USD:Time for a Correction?
Welcome Guys,
today we are analyzing EUR/USD by Elliot-Theorie and some Formations.
The fibonacci values are exactly as they should, excluding the big Wave 5, it went a bit higher up, which is no problem at all it could also hit some higher levels.
We can also see our big Head and Shoulders Pattern here at the top of Wave 5. At the moment we are retesting the trend line of our H&S Pattern.
If we don't break this trend line EUR/USD will be moving downwards. If we our trend line upwards the upward movement might not have finished yet.
the DXY is also forming a falling wedge. If there is a breakout on the upper side the US-Dollar will move up and the EURO will go down. The typical target of Wave C would be the 61.8% fibonacci measured from Wave 1-5.
today we are analyzing EUR/USD by Elliot-Theorie and some Formations.
The fibonacci values are exactly as they should, excluding the big Wave 5, it went a bit higher up, which is no problem at all it could also hit some higher levels.
We can also see our big Head and Shoulders Pattern here at the top of Wave 5. At the moment we are retesting the trend line of our H&S Pattern.
If we don't break this trend line EUR/USD will be moving downwards. If we our trend line upwards the upward movement might not have finished yet.
the DXY is also forming a falling wedge. If there is a breakout on the upper side the US-Dollar will move up and the EURO will go down. The typical target of Wave C would be the 61.8% fibonacci measured from Wave 1-5.
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