Quote:
|
Originally Posted by idejan While waiting further development on USDCAD, just a short post for EURUSD.
Above 1.2378 and 1.2332 trend should resume to:
Price: 1.2578 / 1.2765
most probably by 15-16 aug
that would not end this primary move up. 
Expect a strong resistance below 1.273. Also 200MA on daily chart is just below 1.27
Break below 1.2332 first, and then 1.2255 confirms end of this primary move up.
ID |
I've mentioned much earlier my suspicion of possible continuation of the corective movement before a resumption of the EUR uptrend. (see my previous posts here and at Trading EURUSD with my Uncle Elliott).
So if the move up (from begining of july) is ABC correction first leg of wave b, then it is right in the target (both by price and time). Acctualy it is a bull's-eye (right in the center). In such a case move below 1.2255 is to be expected to extend to 1.21 to 1.20
Any continuation below this level will indicate posible much deeper move down, and confirmation of that would be break below 1.1864 but most definitely below 1.175.
On the upside, break above recent high will indicate move to 1.27 where I believe EUR will meet strong resistance.
A smaller correction which is in progress (4th of I) would most probably find support @ 1.2289/97 before we have a resumption which will
be wave 5 of I targeting min 1.27.
USDCAD
I will follow for a while this USDCAD just for example.
I've missed the opportunity to take profit @ 1.1930/25 when it was showing signals of finishing larger wave down, but I was "expecting" 30more pips.
So at this point I gave back more than 30 pips, but since I don't expect this correction to go above 1.198/1.2 I'll leave my position open targeteting 1.17 and below.
ID