EU is ready to drop

7 Des

Hi traders,

Last week EU made a bigger ABC pullback (orange) to the 38.2 fib retracement of the last impulsive wave.
It's clear that it is a correction and not a leading diagonal. Price broke structure but didn't close above it, so the swing low gets weak and I expect it to break.
Last Friday it started the drop already and changed the orderflow to bearish.
I don't expect it to go up once more into the higher Daily FVG's.

Next week we could see a small correction up and a big drop to break the swing low. After that price could drop to the lower Daily FVG to finish wave 5 (black).

Let's see what the market does and react.

Trade idea: Wait for a small correction up on a lower timeframe and trade shorts.

If you want to see more from my analysis, please make sure to follow me, give a boost or respectful comment.

This shared post is only my point of view on what could be the next move in this pair based on my analysis. I do not provide signals.

Don't be emotional, just trade!

Eduwave