- The EURUSD is successfully holding the 1.0 USD level. This is indeed a significant psychological level, and we haven't seen any weekly or monthly candles that closed below this level.
- On the RSI indicator, we have a bullish divergence on this daily chart, and we also have another triple bullish divergence on the weekly chart as well! So, if you like divergences, this is definitely your cup of tea.
- As per my Elliott Wave analysis, this huge downtrend should be over (or 1 last wave to the downside), and that's why I expect a corrective move to the upside (ABC correction). Let's see how big this upcoming retracement is going to be.
- On the daily chart, we can spot a beautiful descending parallel channel, and if you prefer to wait for confirmation of my bias, then you can wait for the channel to breakout.
- As you can see on the chart, we had 2 fakeouts during this downtrend, which indicated a corrective move. Usually, the third breakout is real!
- The profit target is at 0.618 FIB + the start of wave 4.
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