Forex Trading Library

EURUSD – Dip buying close the right shoulder

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Monthly: Trading within a bearish channel formation. Trend line resistance is seen at 1.2448. Levels close to the 38.2% pullback level of 1.2522 (from 1.6038-1.0349) found sellers. The move lower is mixed and volatile common in corrective formations.

Weekly: Completed a bearish Elliott Wave count to the downside (5-waves completing at 1.1216). Last weeks price action posted a bullish engulfing formation close to the 61.8% pullbacks level of 1.1186 (from 1.0340-1.2556)

Intraday (4-hours): Impulsive 5-wave pattern to the upside (Elliott Wave). We are now assessed as being in the corrective leg lower. We look for a bullish reverse Head and Shoulders to form. The 61.8% pullback level is located at 1.1313 (from 1.1216-1.1472). Th previous swing low is seen at 1.1302. This is our prime area to get long.

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