Elliott Wave enthusiasts may take interest in the current EURUSD setup, presenting a promising LONG scenario. The pair has completed what appears to be a corrective wave and is now potentially gearing up for an impulsive wave up. We've seen a bounce off a significant support level, and with the completion of a sub-wave (4), we're anticipating the start of wave (5).
This potential upswing is supported by Fibonacci projections, with targets at 0.618 and 1.618 extensions of the prior impulsive wave offering logical points for take-profit levels. The recent consolidation pattern gives way to an optimistic setup, further bolstered by a rebound in momentum indicators.
Considering the current macroeconomic climate, with the USD facing pressure from renewed dovish policy signals and the Euro finding support from positive economic data, the stage seems set for a bullish EURUSD run.
Strategic entries are planned around the current levels, capitalizing on the early stages of wave (5), with stop-losses placed conservatively below the end of wave (4) to manage risk. This LONG position aims to ride the anticipated wave to fruition, leveraging technical precision and economic context for a well-timed market entry
This potential upswing is supported by Fibonacci projections, with targets at 0.618 and 1.618 extensions of the prior impulsive wave offering logical points for take-profit levels. The recent consolidation pattern gives way to an optimistic setup, further bolstered by a rebound in momentum indicators.
Considering the current macroeconomic climate, with the USD facing pressure from renewed dovish policy signals and the Euro finding support from positive economic data, the stage seems set for a bullish EURUSD run.
Strategic entries are planned around the current levels, capitalizing on the early stages of wave (5), with stop-losses placed conservatively below the end of wave (4) to manage risk. This LONG position aims to ride the anticipated wave to fruition, leveraging technical precision and economic context for a well-timed market entry
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