EURUSD Pattern Update

Commercial Content Analysts
1

The EURUSD pattern remains the clearest of all the USD major patterns. Very little has changed from yesterday, but expect volatility today (wednesday). Waves A and B of a flat correction look complete from 1.4103. Expectations are for a rally into the Fibonacci zone of 1.4235-1.4316. Such a rally would complete wave C and therefore the correction from Monday’s low (perhaps on a spike following FOMC tomorrow??). Daily pivot points are at 1.4223 and 1.4261, which narrows the topping zone. It remains possible that a second wave is complete at 1.4185. Although shallow, the rally did reverse in the area of the former 4th wave so keep this count in mind.

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this can also be supported by an ascending trendline drawn from the troughs of the 8th and the 29th of july of which two 1H candles have bounced off at exactly that line, this trendline can be used to assist with entries on the next pullback

also if you draw up a fibo from the trough of the 29th to the peak of the 3rd you will see after breaking the 61.8 support it is also now acting as resistance

just adding a little extra insight and analysis to your thread if thats ok? :stuck_out_tongue:

lee :slight_smile: