Hence, decent short trade could be considered as per the details on the chart.
Trade 1 is if we get spike higher above 1.14
Trade 2. is if we get weakness in price right way from current level.
I am anticipating that EURUSD could end the week lower. Warning: This is my interpretation of price action using TA approach that I consider helps me most but could be completely wrong. Therefore as always, do your own analysis for your trade requirement and ignore my views.
For those who appreciates my analysis, select to follow me and the chart for notification of future updates. Indicate you like my analysis by thumbs up, comments and sharing it with others. If you have an alternative idea then please be constructive and share for all to learn from.
Thank you for taking the time to read my analysis.
We will see how this resolves. Thanks for your question and sharing your chart.
So we could have 2 possibilities.
1. We are in new uptrend and which could lead to much higher price in due course. This could progress as Larger WXY or ABC to the upside, ie double zigzag. My preferred count. If this develops then it could fit my assumed counts of DXY as published back in March. See charts below
2. If we are still in downtrend longer term as many are suggesting then the March low is possibly wave A and the retrace with recent high as Wave B and we could be in another impulsive decline wave C that could lead to parity or lower. However there are 2 issues with this as I see it. (a) if this is wave C of ABC to downside with Wave A low in March, then how does this fit into the larger cycle counts? (b) It does not look to be a 5 wave decline from August 24th, high. So how can this be impulsive wave C decline or even indeed wave 5 decline.
But I understand that I might have missed something and could be wrong about my assumptions. Hope this helps.