Euro / U.S. DollarShort
EURUSD: Possible Wave Count.!
EURUSD pair is very near to the yearly highs and price can break up further towards 1.1520-1.1550 area but that doesn't mean it's the right time to buy. I have been calling for a new bearish move for the past several weeks because I can clearly see the warning signs generated on the momentum indicators of daily and 4 hour chart. The weekly chart shows that we are still in a long-term bearish trend and the price is making lower lows and lower highs for the past three years data. So this implies the continuation of the long-term bearish trend. There could be possible big 5 waves to complete this move. My longer-term target is 1.0100-1.0200. I do not see the pair to settle above 1.1600 level this year and I continue to believe that we are in the VERY FINAL stages of this medium-term uptrend. My strategy would be sell the pair on rallies. If the pair closed the day below 1.1350 adding more Shorts will be more beneficial. I am Bearish on EURUSD and already shorted the pair from current levels and waiting for trend reversal signals to add more shorts.
Recommendations: SHORT at 1.1470 with target 1.12000 initially.
Recommendations: SHORT at 1.1470 with target 1.12000 initially.
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.