Wave analysis, EUR on its 5th impluse wave
With rebounding DXY, Euro is under pressure since last Friday night, creating lower high and low price level, together with decreasing CFTC long positions.
In 4 hourly chart, Euro is finishing its 5th wave structure. According to the ratios between 3rd wave and 5th wave, target should be around 1.1635-1.1591.
But I'd like to remind u some crucial area, as price need break such support levels first before reach to the target:
S1:1.1700
S2:1.1660 (Previous low)
If strong economic data this week finally boost DXY, Euro will gain energy to plunge.
Technically price is under pressure, running below the bearish cloud and 200 MA, still has downside space.
And if u already set up short positions, take some profit at S1 or S2 can be a wise choice.
Related idea on rebounding DXY please see from below linkage.
In 4 hourly chart, Euro is finishing its 5th wave structure. According to the ratios between 3rd wave and 5th wave, target should be around 1.1635-1.1591.
But I'd like to remind u some crucial area, as price need break such support levels first before reach to the target:
S1:1.1700
S2:1.1660 (Previous low)
If strong economic data this week finally boost DXY, Euro will gain energy to plunge.
Technically price is under pressure, running below the bearish cloud and 200 MA, still has downside space.
And if u already set up short positions, take some profit at S1 or S2 can be a wise choice.
Related idea on rebounding DXY please see from below linkage.
I'd like to hold bullish or neutral bias until euro finanly break 1.1660 level and create
a new low.