Sive Morten
Special Consultant to the FPA
- Messages
- 18,695
Good morning,
So, EUR is confirming our assumption on possible upside continuation, that we've made in weekend, because despite choppy action on daily chart - EUR keeps well bullish sentiment on monthly/weekly TF.
On daily chart we start to see signs of thrust, bearish grabber hazard has been eliminated and trend has turned bullish here.
On 4-hour chart, EUR has reached our predefined level around 1/2 Fib resistance, WPR1 and completed some extensions. Despite, price has moved slightly higher - it still stands inside of previous swing up. As EUR has formed upside reversal swing, here we will wait for final stage of our trading plan - moderate retracement that should give us chance to take position. Usually retracement after reversal swing takes AB-CD shape. It means that retracement probably should reach at least K-area, but, from harmonic point of view - it could drop to 1.2280 level that we've discussed yesterday.
1H TF shows that on a way up EUR has completed all extension targets, including XOP. Now "222" Sell could be formed here (or butterfly), that could trigger retracement that we're waiting for. Here we do not call you to go short (although you could), because our context is bullish and we're mostly waited for chance to go long:
So, EUR is confirming our assumption on possible upside continuation, that we've made in weekend, because despite choppy action on daily chart - EUR keeps well bullish sentiment on monthly/weekly TF.
On daily chart we start to see signs of thrust, bearish grabber hazard has been eliminated and trend has turned bullish here.
On 4-hour chart, EUR has reached our predefined level around 1/2 Fib resistance, WPR1 and completed some extensions. Despite, price has moved slightly higher - it still stands inside of previous swing up. As EUR has formed upside reversal swing, here we will wait for final stage of our trading plan - moderate retracement that should give us chance to take position. Usually retracement after reversal swing takes AB-CD shape. It means that retracement probably should reach at least K-area, but, from harmonic point of view - it could drop to 1.2280 level that we've discussed yesterday.
1H TF shows that on a way up EUR has completed all extension targets, including XOP. Now "222" Sell could be formed here (or butterfly), that could trigger retracement that we're waiting for. Here we do not call you to go short (although you could), because our context is bullish and we're mostly waited for chance to go long: