Signs of EUR Bulls are showing!

As mentioned in my previous EURUSD count that a possible forecast wave could retest the previous low at 1.05216 which it has. So I am looking for a long entry as there has been a impulsive 5 wave bounce from the new low. (Circle red)

In addition, there has been a bounce from a key support level at 1.05059 back in Dec 2016 has not broken. Therefore the wave shape is looking like a head and shoulders pattern which lends further support to EUR Bulls.

Of course, if this breaks then we will see this pair make a new low edging closer to the 1.0000 mark.

Recount/update:

Wave 1: Leading Diagonal (5 waves broken down by 5 X ABC corrective waves)
Wave 2:Complex ZigZag correction retraced to a key fib level @ 0.618%
Current Wave: Impulsive 5 wave up looks complete so as a sub wave 1 of 3 and I am looking for a correction to to retrace to a key fib level for an entry
Forecast Wave:

Feel free to share, like and comment.

Happy Trading!!

Commentaire:

If this is indeed a completion of wave 1 and 2, I am anticipating EUR to reach the 1st target @ 1.618% as the 1st minimum wave 3 extension.

Let's keep an eye on this one for sure!