Wednesday 9 January 2019

The EURO to top soon?

Hi Traders,

The Euro (now at 1.146) might not make it through the 1.165 resistance. Hence, it could reverse course soon to target the area around 1.1040.


The monthly and weekly charts reveal some information:

1) The Euro is performing an a-b-c retracement wave from the top at 1.6037.

2) Wave c is sub-divided in 5 waves down. Wave four seems is
 fully deployed and wave five downward is already half away to 1.1040.

However, wave four can unfold with different shapes. In particular, it could evolve into a much large pattern which includes a rally to 1.27-1.30 before resuming the downtrend. We'll see.

The daily and 4-hours charts show that wave 5 (from the top at 4 in magenta) is currently unfolding with 5 minor waves, 3 fully deployed and the 4th one almost complete. If this is the case, minor wave five could be heading to 1.104 soon.

Monthly chart, click to enlarge

Weekly chart, click to enlarge

Daily chart, click to enlarge

4-hours 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.