EURUSD had surprisingly rallied through fibonacci 0.618 retracement around 1.1914 yesterday. The rally between 1.1754 and 1.1914 was corrective a-b-c. The following interpretations can be made: i) Wave 2 is in place at 1.1914 ii) Wave A within A-B-C correction is in place at 1.1914 iii) Wave 2 is unfolding as a triangle. We shall come to know as price action unfolds going forward. A drop below 1.1754 confirms Wave 2 is in place; a bullish turn from 1.1770/80 indicated Wave 2 is still in progress. Either way, EURUSD is setting up to turn lower.
Remain short, stop @ 1.2100, target is open.
Good luck!
Remain short, stop @ 1.2100, target is open.
Good luck!