EURUSD may fall further.

8 dic 2021

EURUSD may fall further. My last two analyses have followed the EURUSD movement closely. My current analysis assumes a further decline from the level just reached. The corrective upward wave sequence may have ended. The chart shows two yellow squares. In them formed an ascending corrective wave fractal can be seen. They are regular in size and shape. Therefore, it can be assumed that the ascending sequence that is now forming will end and another descending wave sequence as shown in the figure will form. This may be supported by the wave motion between the two purple lines. The two purple lines are ATR axis. It can be seen that the wave motion moves in the channel defined by the two ATR axes. It can also be seen that this channel defined by the ATR axes slopes downward. This means that it is accelerating downwards, in other words a further downward accelerating fall is expected. Further dollar strengthening is expected. Therefore, I am looking for a Short entry in the EURUSD pair in the coming days.