Update on EUR. Although EUR continues to go lower, levels 1.113-1.114 should be great area to take long position. Odds that this downside action are not just retracement, but impulsive wave 5 with targets below 1.1106 increase, but I still think it is just retracement, but even if it is not, we should get some small bounce, wave 4 of wave 5, and be able to have trade with low risk. Also, if this is indeed wave 5 with targets below 1.1106, that wave 5 should be capped by previous length of wave 3, means that wave 5 will fail to reach 1.10 level. Stops for longs could be placed there, even if it is distant stop level, odds to reach it are very small in my view, which makes overall risk small as well. To sum up, some bullish action is expected, if it is slow and gradual, then it is probably just wave 4 of wave 5 and we are heading lower, under 1.1106, if upside action is strong, then probably this was just retracement and we are headed to upside. My main point is that if EUR even breaks 1.1106 lows, that does not mean bullish action wont happen, it is probably just postponed. 1.10 level is key support, if it breaks, then my view is not valid.
1H chart: 2 most probable scenarios.
View attachment 42774
15 MIN chart: More closer look and full wave count.
View attachment 42775
How to trade this?
Long entry in zone = 1.1130-1.1140, SL1=1.1105, SL2=1.10, TP1=1.1150-1.1170, TP2=1.1290-1.1370