EURUSD have been in the wedge flag which it has been in for more than a month. a breakout of this wedge will indicate a change or continuation in the direction of this currency pair.
A breakout to the upside will reveal the new level 1.1600.
A breakout on the downside will reveal the new level 1.1214
An inability to break the resistance at 1.1410 zone will give...
After having found resistance at the 1.17679 zone which we talk about on last week sunday's idea, this pre week analysis was analysed from the stand point of wave formation the eurusd instrument which gives us 1:2.75 risk /reward ration.
wave 1 which has correctly formed by a 5 wave count and wave 2 being a zonal 38.6% of wave 1.
wave 3 is another prefect 5 wave...
i think it the trend will continue.... just follow the arrows and with proper risk management and use buy stop also respect psychological support and resistance....let all enjoy
warning: becareful of 1.33200 psychological level where it can hold as a resistance but a breaks confirm price determination
Just wait for the Monday candlestick to close then act by using buy stop or sell stop (depending on Mondays candle) at the various price determination indicated by the arrows
After the formation on the head and shoulder pattern.... am looking forward for it to reverse ate the major trendline resistance 1.25230 (take profit) and with a risk of 1.24179 so that the position can breath for awhile
