EURUSD 07:03:21

7 Mar 2021

EURUSD had a bullish drive up to an all time year high in January{1.23493}. A background USD strength had brought about a bearish EURUSD trend. The (1) impulse wave had been completed, followed by the (2) wave retracement, confirming an Elliot wave pattern. Although the (3) impulse wave is still yet to be completed, a bearish reversal pattern around previous resistance zone (purple) should be looked out for. A long direction could be safely entered in a 4H time frame with a SL of 30 pips from entry point and the trade trailed up to 76.4% fibonnaci retracement of wave (3).