EURUSD-4-21-19
EURUSD - setting up a launchpad for a rally targeting 1.36
After so many requests from my students I am about to start covering main FX pairs! Please shoot me email with request for pairs to analyze.
Let’s start with a weekly chart. Off the 0.8227 low in October 2000 EUR played the (A)-(B)-(C) fractal which I count as wave ( 1 ) up. That wave ( 1 ) up topped at 1,6038 in July 2008.
EURUSD- Weekly chart updated on 4/21/2019
Off that 2008 top we see a corrective looking decline structured as a double three (W)-(X)-(Y) corrective structure that bottomed at 1.03 in January 2017.
EURUSD- Weekly chart updated on 4/21/2019
The rally off 2017 low has an impulsive structure. You can see clear five waves up. That rally topped at 1.2555 in February 2018. The decline that followed has a questionable structure. It could be wave B down as shown on the chart. Or it could be just a wave ( a ) of B, the first leg of that wave B down. In any case, whether it is all of B down or only its first leg ( a ) down we are going to get a strong move up soon. Price has been trading sideways in a tight bullish wedge. We can get the final drop to 1.11 or even 1.0970 before a bullish reversal. If that move down off the 2018 top is all of wave B down then we may get a strong multi week rally to 1.36. Conversely, if that was only the first leg down in wave ( a ) of B then it still has to rally at least to 1.1750 – 1.1870.
EURUSD- Daily chart updated on 4/21/2019
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