EURUSD--Wedge Action Part-1 (Long & Short Opportunity)

8 Jul 2016

The Fall from wedge action in C-Wave...gave an impulsive down wave from 1.1185 to 1.1029...we are retracing back that move & time consuming affair before we start the downtrend again...retracement looks like taking a form of ABC correction where B-wave has made a low@.1053...I have been looking out for 1.1125-1.1135 zone where it shall retrace 61.8%of the fall from 1.1185 to 1.1029...but looking at the structure --now I am open for C-wave to retrace 80% which comes in the zone 1.1155-1.1165..then risky traders if they get bearish confirmation at their end ..they can go short or wait for the rising trendline to be broken for safe shorting opportunities but any abrupt fall below 1.1029 shall infuse selling pressure. Short Term Updates Shall go into update section of "EURUSD--Let us be ready with the wedge action"Trade Carefully.

Regards,
Abhishek H.Singh, CMT