Monday, 19 February 2018

The Euro topping

Hi Traders,

The EURUSD (now at 1.2412) apparently topped at 1.2555, although I thought  it would have ended its run a bit higher. It's now supposed get back to 1.244-1.246 and then resume the downturn to the 1.20-1.18 area and below.


The monthly chart reveals that the Euro is unfolding a huge a-b-c retracement wave (since July 2008) where the last leg (wave-c) is supposed to be made out of 5 large waves down. 

Four of these five waves can be observed in their entirety on the monthly and weekly charts. Their deployment is complete.

Conversely, the formation of the fifth wave down has just begun, as you can see in the daily and 4-hours charts.

Besides, the weekly and daily charts display clearly the large a-b-c that formed wave-4, which in turn, is one of the large five waves above mentioned.


For the time being, this new phase should take the Euro down to the 1.20-1.18 area. Subsequently, unless a "surprise extension" to 1.30 occurs, the Euro should take a dive well below 1.18.

Monthly chart, click to enlarge

Weekly chart, click to enlarge

Daily chart, click to enlarge

4-hours chart, click to enlarge

1-hour chart, click to enlarge

No comments:

Post a Comment

Hi Traders. Tell me if you agree or (politely) disagree.

Note: only a member of this blog may post a comment.