Hello, fellow traders! 👋 Here's my latest take on the EUR/USD pair using Elliott Wave Analysis for a short trading position.
As observed in the chart, we've just completed a significant bullish impulse wave from the recent lows. 🚀 This impulse consists of five smaller sub-waves, which I've labeled as (1) through (5).
After the completion of the impulse wave, the market is now retracing. I've marked potential retracement targets at the Fibonacci levels of 0.382 (1.07781) and 0.5 (1.07741), which could serve as ideal entry points for a short position. 🎯
Given the strong upward momentum, I recommend closely watching these retracement levels. A reversal around these points could offer a lucrative opportunity to ride a potential bearish correction. 📉
Remember, risk management is key! Ensure to set your stop-loss orders accordingly. 🛑
🔍 Eyes on the chart, and happy trading! 💸
As observed in the chart, we've just completed a significant bullish impulse wave from the recent lows. 🚀 This impulse consists of five smaller sub-waves, which I've labeled as (1) through (5).
After the completion of the impulse wave, the market is now retracing. I've marked potential retracement targets at the Fibonacci levels of 0.382 (1.07781) and 0.5 (1.07741), which could serve as ideal entry points for a short position. 🎯
Given the strong upward momentum, I recommend closely watching these retracement levels. A reversal around these points could offer a lucrative opportunity to ride a potential bearish correction. 📉
Remember, risk management is key! Ensure to set your stop-loss orders accordingly. 🛑
🔍 Eyes on the chart, and happy trading! 💸
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