donaldsaw
Short

Looking for a USD Short

FX:EURUSD   Euro / US-Dollar
EUR USD in recent times has been a bit hard to forecast but I have a count that makes the most sense based on the choppy nature of the recent impulse long from the new low in Jan and short from 1.0830.

I am not suggesting that the overall market has turned just yet as still I am expecting USD to make a new low at some point but expect EUR to fight back like we're seeing here.

Please see the updated count: (Keep in mind the bigger picture as I think there may be an ending diagonal developing from the break of the triangle at 1.1300- I will post a screengrab of this at the comments)

Wave A from 1.0830: The choppy nature of this fall shows me that we've seen an A = WXY, B = ZZ and C= Impulse to the low at 1.0500
Wave B: Complex flat at (circle a), WXY combo to (circle b) and 5 wave impulse in process for wave (circle c) to complete the bigger B wave.
Forecast Wave: Wave C should begin at either the 0.618% or 0.50% at the 2 key resistance levels I have marked,
Kommentar:

Series of 3 wave moves developing - suggests a possible ending diagonal wave 5
Kommentar: Another Alternate count is that we are still in wave c of a bigger wave 2 so a potential rally to 0.50% or 0.618% retracement of the fall since the US elections in November 2016.

Kommentar: Quick update:

If this move is going to continue to the short side, this current move would have to be sharp impulse down as this move would be an expected wave 3 based on the pattern. However, the move seems to be slowing down so a possible a Zig Zag shape is likely in play which retraced to 38.2%. Watch this space....

Kommentar: Quick update:

Looks like the ZZ correction has completed so now looking for a long entry.

1st TP is will be the 1.618% extension which is at 1.0800.

Further updates will follow.

Happy Trading!
Kommentar: Hi All,

Long forecast of this pair is looking great!

I am still Long for now and will stay long as I'm still seeing bullish sentiments but will update the charts next week with the potential next moves.

Have a great weekend all!
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