Don't Buy EURUSD Yet!!
Hello traders,
I hope you are doing great!
We can see a trade we have also shared on the V.I.P group almost a month ago (short on EURUSD- 3rd leg of the EW),now EURUSD is starting to follow our prediction once again.
Of course we are referring to the 4th and 5th wave of the Elliott waves pattern we are witnessing in the EURUSD.
Technical Observations
1.Fisrtly we are in clear bear market in EURUSD as uncertainty from Omicron has changed the bias for dollar on the bullish side.
2.We can the horizontal trend line that kept as resistance various times with sellers coming in aggressively, in combination with the second leg of the 5 Elliott waves (or b leg of the ABC corrective pattern as looked back then) gave us a perfect short opportunity with 6.3 Risk/Reward ratio!
3. We can clearly see the triangle pattern formed with the red lines as 4th wave.
4.We can also notice the RSI recharge to 50 level without making higher highs and that's statistically is a very bearish sign.
5.We project the 5th impulsive wave after the consolidation triangle pattern and we found the first target as an extension at psychological round number 1.11 or 1.1070 based on previous structure.
Fundamentals Observations
1.A possible US market bearish turnaround under Omicron concerns might be the initial cause for the bullish move of the USD and the berarish move of the EURUSD pair.
POSSIBLE SHORT TRADE
ENTRY AT THE RETEST AT 1.1300-1.1330 LEVEL
TP1 1.1100 EUROS
TP2 1.1070 EUROS
STOP LOSS 1.1375 EUROS
RISK/REWARD 3.10-3.80 !
THANK YOU ALL FOR SUPPORT!!
KEEP FOLLOWING AND SUPPORTING MEANS A LOT TO OUR ME!
Happy profits everyone!!
THE GREEK TRADER
I hope you are doing great!
We can see a trade we have also shared on the V.I.P group almost a month ago (short on EURUSD- 3rd leg of the EW),now EURUSD is starting to follow our prediction once again.
Of course we are referring to the 4th and 5th wave of the Elliott waves pattern we are witnessing in the EURUSD.
Technical Observations
1.Fisrtly we are in clear bear market in EURUSD as uncertainty from Omicron has changed the bias for dollar on the bullish side.
2.We can the horizontal trend line that kept as resistance various times with sellers coming in aggressively, in combination with the second leg of the 5 Elliott waves (or b leg of the ABC corrective pattern as looked back then) gave us a perfect short opportunity with 6.3 Risk/Reward ratio!
3. We can clearly see the triangle pattern formed with the red lines as 4th wave.
4.We can also notice the RSI recharge to 50 level without making higher highs and that's statistically is a very bearish sign.
5.We project the 5th impulsive wave after the consolidation triangle pattern and we found the first target as an extension at psychological round number 1.11 or 1.1070 based on previous structure.
Fundamentals Observations
1.A possible US market bearish turnaround under Omicron concerns might be the initial cause for the bullish move of the USD and the berarish move of the EURUSD pair.
POSSIBLE SHORT TRADE
ENTRY AT THE RETEST AT 1.1300-1.1330 LEVEL
TP1 1.1100 EUROS
TP2 1.1070 EUROS
STOP LOSS 1.1375 EUROS
RISK/REWARD 3.10-3.80 !
THANK YOU ALL FOR SUPPORT!!
KEEP FOLLOWING AND SUPPORTING MEANS A LOT TO OUR ME!
Happy profits everyone!!
THE GREEK TRADER
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