EURUSD. Short-term trade setup. Risk/Reward = 2.77
Updated
EURUSD finishes its correction before another impulse down, which should retest the earlier low at the 1.1301.
I believe in magic power of the trends and think that soon the pair would reverse ahead of the upside resistance.
The wave C=A around 1.1485, which is beyond the uptrend.
It is a wave 4 of the last wave (5) of ((A)) down (see related).
It entered the area of the previous wave 4 of the lower degree and its a healthy sign.
Entry area 1.1460+/-
Stop above 1.1516 (above 61.8% Fibonacci retracement of wave 3)
Conservative take profit 1.1310 - above earlier low but we can adjust it later as wave 5 could drop even lower not just tag the earlier low.
Risk/reward 2.77
This is a tactical chart, I will add 4H chart to expand the view in the comment section.
I believe in magic power of the trends and think that soon the pair would reverse ahead of the upside resistance.
The wave C=A around 1.1485, which is beyond the uptrend.
It is a wave 4 of the last wave (5) of ((A)) down (see related).
It entered the area of the previous wave 4 of the lower degree and its a healthy sign.
Entry area 1.1460+/-
Stop above 1.1516 (above 61.8% Fibonacci retracement of wave 3)
Conservative take profit 1.1310 - above earlier low but we can adjust it later as wave 5 could drop even lower not just tag the earlier low.
Risk/reward 2.77
This is a tactical chart, I will add 4H chart to expand the view in the comment section.
Note
As promised below is the 4H chart with labels to properly understand short term ideaNote
the wave 5 of c in this correction has extended wave 5 and we are in the wave 4 of 5 of 5 now.that is why I believe that we will see another spike to the upside to short there.
Note
watch the area highlighted with the white rectangle.
the wave 5 could unfold within 0.382-.618 of waves 1-3.
Note
wave 4 retraced deeper
Note
invalidation below 1.1386Order cancelled
The structure looks to unfold higher Maybe above 1.15
So better wait and let it emerge
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