Lolly, I think the lowest target is entering into low on the left @ 1.26552 BUT this can go MUCHMUCH higher.. It is voting in 40 minutes!!
Thank you!
Forex FOREX PRO WEEKLY, September 02 - 06, 2019
- Thread starter Sive Morten
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Thank you!
Lolly Tripathy
Sergeant Major
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thank you so very much dear
Sive Morten
Special Consultant to the FPA
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Morning everybody,
So, EUR has reached our target and re-tests recent lows, but this happens a bit faster than we've suggested. Actually, this is streight siwng, instead of AB-CD shape, due some supportive geopolitical events (relief in HK unrests, Brexit, C. Lagarde statement on QE programme etc.).
As a result current action takes the shape of extended morning star pattern. It means that current upside swing very probable becomes an "AB" leg and just the half of total retracement.
Still, as we're coming to culmination moment of this week - situation could develop differently, depending on tomorrow's EU GDP and NFP data. Technically, on daily, we also should keep an eye on possible bearish MACDP grabber.
If we're correct, today we should get minor downside retracement and our potential "BC" leg before CD extension:
On 4H EUR stands at resistance - former lows, WPP and 50% Fib level - comfortable reason to show "BC" retracement:
ON 1H we the most suitable level as retracement target is K-support @ 1.10, which is also natural support area. Thus, if we will get "222" Buy, this is the reason to consider long trade there. But - minimize your risk, move stops to b/e as soon as market will show at least some upside response out from K-area. Geoplitical factors are mostly emotional right now, very short-term and not reliable. Situation could change fast.
So, EUR has reached our target and re-tests recent lows, but this happens a bit faster than we've suggested. Actually, this is streight siwng, instead of AB-CD shape, due some supportive geopolitical events (relief in HK unrests, Brexit, C. Lagarde statement on QE programme etc.).
As a result current action takes the shape of extended morning star pattern. It means that current upside swing very probable becomes an "AB" leg and just the half of total retracement.
Still, as we're coming to culmination moment of this week - situation could develop differently, depending on tomorrow's EU GDP and NFP data. Technically, on daily, we also should keep an eye on possible bearish MACDP grabber.
If we're correct, today we should get minor downside retracement and our potential "BC" leg before CD extension:
On 4H EUR stands at resistance - former lows, WPP and 50% Fib level - comfortable reason to show "BC" retracement:
ON 1H we the most suitable level as retracement target is K-support @ 1.10, which is also natural support area. Thus, if we will get "222" Buy, this is the reason to consider long trade there. But - minimize your risk, move stops to b/e as soon as market will show at least some upside response out from K-area. Geoplitical factors are mostly emotional right now, very short-term and not reliable. Situation could change fast.
I see no relations of these two lows so I dont expect such reaction. Just wait what happens here at 61,8 expansion..
It is just a probability game for me, 1.115 before 1.084x, meanwhile rinse and repeat.
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