EURUSD Analysis by Wave FX Academy (TARGET :1.2000)
Hi Traders, here's my Analysis on EURUSD
Daily market is rejecting the 38.2 fib level from recent impulse. The aim here is to see if we will give us a new high above 1.1810. Failure to close above that level could see price test the 61.8 fib level.
Based on Elliot Wave Count, the recent impulse to 1.18 broke out of the corrective channel and formed Wave 1 of the 5th and final wave of this cycle.
The key level now is to look at the Breakout level (b Wave) and to target the recent high of 1.2 or the fib 1.618 extension.
My overall bias is still LONG and to see price action hitting the $1.2000 zone. I will however be monitoring the price action on the 1Hr timeframe for added confirmation based on one of my trading strategies.
An entry will be taken ONLY if all the rules of my strategy are satisfied.
Add this pair to your watchlist and see if the rules of your strategy provides an entry.
Like and Comment your thoughts . All feedbacks are welcome.
If you are new to FOREX trading, here are the definition for words you may seen mentioned above.
Price Action: Change in the price value of a traded instrument whether Forex, Commodities or Indices.
Market Structure: This is classified as any group of candlesticks placed together with the use of Support, Resistance and Trendlines . once grouped they would provide a pattern to indicate a possible movement in price action.
Support: Areas in the market where price tends to reverse after a sell off (lower price action)
Resistance: Areas in the market where price tends stop, pause or reverse after bull run (higher price action)
Uptrend: price action in the market creating a series of high highs and higher lows.
Downtrend: price action creating a series of lower lows and lower highs Long: Taking a position to buy the base currency
Short: Taking a position to sell the base currency.
Daily market is rejecting the 38.2 fib level from recent impulse. The aim here is to see if we will give us a new high above 1.1810. Failure to close above that level could see price test the 61.8 fib level.
Based on Elliot Wave Count, the recent impulse to 1.18 broke out of the corrective channel and formed Wave 1 of the 5th and final wave of this cycle.
The key level now is to look at the Breakout level (b Wave) and to target the recent high of 1.2 or the fib 1.618 extension.
My overall bias is still LONG and to see price action hitting the $1.2000 zone. I will however be monitoring the price action on the 1Hr timeframe for added confirmation based on one of my trading strategies.
An entry will be taken ONLY if all the rules of my strategy are satisfied.
Add this pair to your watchlist and see if the rules of your strategy provides an entry.
Like and Comment your thoughts . All feedbacks are welcome.
If you are new to FOREX trading, here are the definition for words you may seen mentioned above.
Price Action: Change in the price value of a traded instrument whether Forex, Commodities or Indices.
Market Structure: This is classified as any group of candlesticks placed together with the use of Support, Resistance and Trendlines . once grouped they would provide a pattern to indicate a possible movement in price action.
Support: Areas in the market where price tends to reverse after a sell off (lower price action)
Resistance: Areas in the market where price tends stop, pause or reverse after bull run (higher price action)
Uptrend: price action in the market creating a series of high highs and higher lows.
Downtrend: price action creating a series of lower lows and lower highs Long: Taking a position to buy the base currency
Short: Taking a position to sell the base currency.
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