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EURUSD - Long Possibility - Updated
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Currency Pair: EURUSD
Frequency: Daily
Predicted Direction
EURUSD has most likely completed its corrective Wave 4 and hit my first support zone of 1.17280 - 1.16975. Given that some observation of the Elliott Wave theory, after a sharp correction for the corrective Wave 2, it will expect to have a relatively flat correction for Wave 4 so I do expect the price will have a flat consolidation between the level of support zone and the 1.20 round psychological level.
From my point of view, EURUSD is currently trading at the 3-3-5 Flat correction pattern and it will soon to test the upper resistance level of 1.20 before going down. The first buy in opportunity will still look at the support zone of 1.1728 - 1.1697, however, if it breaks, the final support level will look at the 1.1438 -1.140
Frequency: Daily
Predicted Direction
EURUSD has most likely completed its corrective Wave 4 and hit my first support zone of 1.17280 - 1.16975. Given that some observation of the Elliott Wave theory, after a sharp correction for the corrective Wave 2, it will expect to have a relatively flat correction for Wave 4 so I do expect the price will have a flat consolidation between the level of support zone and the 1.20 round psychological level.
From my point of view, EURUSD is currently trading at the 3-3-5 Flat correction pattern and it will soon to test the upper resistance level of 1.20 before going down. The first buy in opportunity will still look at the support zone of 1.1728 - 1.1697, however, if it breaks, the final support level will look at the 1.1438 -1.140
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