Short

EURUSD correction

Updated

At this point we can retest 1.1050, also we can go lower to 1.1010 PD 50% of this movement or even lower to 1.0986-1.0999 demand area.
At 4h time frame we have already some divergences and seems we are creating a HS with projection price to 1.0820. (i will post on a update that chart).
This chart have all levels near, suppports resistances and also the Rising wedge channel where this pair is trading.
This is only one idea, make your own analysis, follow your idea and use your risk management.

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HS 4h possibilitie

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SL moved to 1.1135

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Plan update: in case we will correct we must create a change of character, a change of structure, for that we must break 1.1072 with a candle closed bellow (15m must be enough). In case we break 1.1090 we will go up to 1.1097 1.1005 or 1.1130 on extension. At 30m time frame extension of this trend must be limited, because need to correct sooner or later, even if trend will be upside continuation. Any SL must be placed above 1.1130. A break of 1.1050 will invalidate this lowterm upside, with a correction to lower targets. All targets on updated chart.

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If we create a break of structure at 1.1072, we will get a test of Daily Pivot. after we have a challenge at 1.1050 region, if we broke with 1h candle bellow 1.10285 Weekly open on bottom of decision area (yellow box on chart) we can get a lower correction to 1.0950, 1.0935 or 1.0915 possible targets on extension.

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Trade closed: target reached

sl moved to 1.1160 and TP to 1.1020

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TP1 and TP2 reached. Now looking for a reversal area between 1.1140 and 1.1160

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miketiger

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