In this week's video I explained that for this week the upside is limited for EURUSD. Previously I described that we are either extending higher or in need of a bigger correction. Price is making that extension scenario which means that we are still dealing with 1 unique wave on the weekly time frame. Short term I have been selling the EURUSD from 1.23 and will sell again after a correction of this minor move lower. Medium term (next week) we might see this move lower from 1.23 mature and set-up for a buy continuation.
I will update this post for the possible buy next week but for now I like this correction to mature. If we see a sudden sell-off we are already in the trade. But my preferred scenario is a test of 1.25 and most likely 1.26 before we will see a major correction lower or possible reversal all together.
Safe trades!
I will update this post for the possible buy next week but for now I like this correction to mature. If we see a sudden sell-off we are already in the trade. But my preferred scenario is a test of 1.25 and most likely 1.26 before we will see a major correction lower or possible reversal all together.
Safe trades!
However, short term there was not much room to the upside for this week and I have been selling the EURUSD for that first move lower towards 1.217 ish. Price came back up but the upside is still limited since we are still trading within the same trading-week. Therefore I shorted EURUSD once again to see whether this turns into a more complex correction. Stop is at break even but key take away is that EURUSD is moving as expected which means we most likely can start looking for buy trades next week. That would be a trade in line with the trend which should be easier and move faster.