The EURUSD rally from 13443 may be the beginning of a larger 4th wave. The next major resistance is 13842. This does not mean that it is time to turn bullish however. 4th waves are often choppy and tend to form as flats or triangles. Range trading may dominate for the next several weeks. Coming under 13443 could also complete a diagonal from 13842. It is also worth noting that as long as price is below 13793, the series of lower highs remains intact. The evidence is conflicting; there are better opportunities.
Notably – being long the USDCAD. In yesterday’s video, I initated a long USDCAD position against the Monday low. There is no target yet.Trading above 10534 would confirm that the larger trend has turned up and the action in crude, which has probably completed an expanded flat, supports my bias.
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