I came to the following conclusion after studying this chart extensively: This is either a corrective structure or a nested impulse.
The last bearish time at mode targets matches an interesting fibonacci projection with perfect ratios for a corrective expanding wedge structure, which some might see as an impulse (can be either an expanding ending diagonal C wave, or an expanding ABCDE wedge), which concludes the downward movement in the Euro pairs, with timing around the end of the Grexit drama, after the 30th. This also lines up with my GBPEUR analysis, suggesting the Euro would regain strength.
We're observing similar formations in Euraud, which I already charted, and all Euro pairs, so it's possible that this structure is valid.
For now, I have two limit sell trades ready, and will study the 1h and 4h chart for more precision in case I don't get filled on both. Risking 0.75% on each position, I placed the following orders for the time being:
Sell limit:
Entries are 1.12376 and 1.1289 with SL for both at 1.13403 and TP half at 1.11349.
Will update with further trades as we go along.
I'll leave this as neutral, since I still think this is probably a larger scale bullish setup just confusing everybody by moving sideways...
Good luck!
Ivan.
The last bearish time at mode targets matches an interesting fibonacci projection with perfect ratios for a corrective expanding wedge structure, which some might see as an impulse (can be either an expanding ending diagonal C wave, or an expanding ABCDE wedge), which concludes the downward movement in the Euro pairs, with timing around the end of the Grexit drama, after the 30th. This also lines up with my GBPEUR analysis, suggesting the Euro would regain strength.
We're observing similar formations in Euraud, which I already charted, and all Euro pairs, so it's possible that this structure is valid.
For now, I have two limit sell trades ready, and will study the 1h and 4h chart for more precision in case I don't get filled on both. Risking 0.75% on each position, I placed the following orders for the time being:
Sell limit:
Entries are 1.12376 and 1.1289 with SL for both at 1.13403 and TP half at 1.11349.
Will update with further trades as we go along.
I'll leave this as neutral, since I still think this is probably a larger scale bullish setup just confusing everybody by moving sideways...
Good luck!
Ivan.
