We have been locked in a price range between 130.71 and 132.27 since late Friday. However, I'm still looking for a continuation higher towards the next minor resistance at 132.78 and possibly higher towards my ideal target near the former high at 133.81. That said, I regard this rally as part of a complex flat correction and once this rally is over we should see an impulsive decline towards at least 124.96 and possibly even lower. Short term support at 130.72 should protect the downside, but we will need a break below strong support at 129.67 to confirm, that this b-wave rally is over and wave c lower is developing.
I'm looking for a powerful rally to take off any time now. A clear break above 1.6603 open up the upside for a impulsive rally higher towards 1.7364, where wave iii will be 1.618 times longer than wave i. However, this rally could become even more extended and rally higher towards 1.7929, but only time will tell. Short term I'm looking for minor support at 1.6552 to protect the downside for the break above 1.6603, but even if we does see a break below 1.6552 the downside should be limited and at no point should we break below 1.6476 as that would delay the expected rally higher.
Hii T thanks for all the updates eurusd gbpusd and eur/jpy But I think all the rally from 124.93 has ended with the test of 132.70 and if we manage to break above that then there is more room towards the upside and I should be looking for close below yesterday's low as first signal But I personally feel that the rally has ended with the test But only time will tell
ReplyDeleteAnd thanks so much for the eur/update I see 1.3230 and 1.3250 area to hold But I was looking for your last update on complex correction of wave 2 above 1.3262 but that seems to be very choppy nature But price is loosing steam at the top and that is very good signal but I personally feel that we should break below 1.3050 first for the test of 1.2883
My sincerest regards for your efforts
I always appreciate
Take are
Hi EWS ,
ReplyDeleteNow that Eur/nzd pair has broken 1.6476 , please can shed light on the new count and where is the likely support going to be ?
Hi Aman,
ReplyDeleteYou could well be right, that EUR/JPY already has topped.
The top in EUR/USD seems to be carved in stone too and I agree with you, that a break below 1.3050 soon should be seen.
Kind regards
EWS
Hi Kiran
ReplyDeleteWith the break below 1.6476 and more importantly the break below 1.6426 has changed the short term count.
First of all we can conclude that wave ii is not over yet. So we have to look for new possible termination point for wave ii and the first after the 61.8% retracement of wave i is at the 70.7% retracement target at 1.6393 followed by support at 1.6348.
Under no circumstance can a break below 1.6225 (the low of wave i) be allowed, at that would cause a more seriouse change of the wave count.
Kind regards
EWS