EURUSD week 3, May 2024 Can the uptrend last long?
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Last week we saw the US CPI increase beyond expectations plus the number of applications for unemployment benefits decreased even though the labor market decreased. This shows that people are gradually adapting to the economic downturn. maintain high interest rates. This will create motivation for the Fed to continue maintaining high interest rates in the near future, increasing the strength of the USD against the EUR.
We use the Elliot principle to analyze the EURUSD chart
Looking at D1, we see that the correction process is entering the wave c phase in the abc correction rhythm. We have an important price level of 1.0444 to confirm the existence of wave c, which is when the price breaks out of this price range. Then we will measure the end target of wave c at two price zones: zone 1.02 and zone 1.
Next week's plan is to focus on observing the price range of 1.0444 to plan our trading.
This is my plan for next week, the order entry area will be updated daily based on market fluctuations next week.
Note: Sufficient TP, SL to be safe and win the market‼ ️Change data plan will be updated later.
Deekop's analysis is only a personal opinion with a desire to share its views with the community. I'm not always right. But my analysis always reflects my meticulous evaluation of what is best for an investment.
Financial freedom is true freedom.
Last week we saw the US CPI increase beyond expectations plus the number of applications for unemployment benefits decreased even though the labor market decreased. This shows that people are gradually adapting to the economic downturn. maintain high interest rates. This will create motivation for the Fed to continue maintaining high interest rates in the near future, increasing the strength of the USD against the EUR.
We use the Elliot principle to analyze the EURUSD chart
Looking at D1, we see that the correction process is entering the wave c phase in the abc correction rhythm. We have an important price level of 1.0444 to confirm the existence of wave c, which is when the price breaks out of this price range. Then we will measure the end target of wave c at two price zones: zone 1.02 and zone 1.
Next week's plan is to focus on observing the price range of 1.0444 to plan our trading.
This is my plan for next week, the order entry area will be updated daily based on market fluctuations next week.
Note: Sufficient TP, SL to be safe and win the market‼ ️Change data plan will be updated later.
Deekop's analysis is only a personal opinion with a desire to share its views with the community. I'm not always right. But my analysis always reflects my meticulous evaluation of what is best for an investment.
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