Lets look into EURUSD in a monthly chart point of view. We can EURUSD obeyed the monthly trend resistance line (Red Line) closely but recently we saw a possible breakout to this level. From an elliot wave point of view, we saw a nice wave 3 completing and starts to see bearish signs after a long bull which could signal to us wave 4 could possibly form soon. Definitely, having said that EURUSD could be a possible fakeout from the monthly trend resistance level which is a rather string resistance level for EURUSD to breakthrough it yet. Minimally, with a strong resistance level @1.1728, I see a potential BEARISH opportunity for EURUSD to retest the broken monthly trend line if it will want to soar higher up. Of which, this will form our wave 5 (our final wave).
Kindly hit the LIKE Button if you agree with my analysis and feel free to COMMENT your idea below. As for those who are keen to get daily updates and analysis from me feel free to FOLLOW me. Cheers and Happy Trading!!!
Kindly hit the LIKE Button if you agree with my analysis and feel free to COMMENT your idea below. As for those who are keen to get daily updates and analysis from me feel free to FOLLOW me. Cheers and Happy Trading!!!