Click to view the original EURUSD Intraday Forecast
Click to view UPDATE 1 of EURUSD Intraday Forecast
The down move associated with wave iii of the alternate count (update 1), is taking the form of a five wave impulse move down. The count for this move is of the (1),(2) count. Critical resistance to confirm completion of the fifth wave is at the 50% retracement of wave (3). This is marked on the chart as 1.41072. Wave (4) should end somewhere in this area, giving way to a down move - wave (5). A firm break above 1.41072 would suggest further moves in the up direction. Stops can be brought down to this level, or remain where they are. Keep an eye on this level, as price action around it will determine an early (losing) exit from the trade we're in.
If you are just reading this post, and did NOT enter at the original entry, a lower risk short setup is emerging. If 1.41072 proves to hold resistance, shorting around this level can yield a very nice risk:reward ratio - with the stop loss just beyond the 50% retracement line, with initial targets down to the 0.00% line, and possibly potential for further declines. Enter at your own discretion on this one, and adjust stops as your trade becomes profitable.
Click to view UPDATE 1 of EURUSD Intraday Forecast
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| EURUSD M30 - March 28 Intraday Forecast UPDATE 2 |
The down move associated with wave iii of the alternate count (update 1), is taking the form of a five wave impulse move down. The count for this move is of the (1),(2) count. Critical resistance to confirm completion of the fifth wave is at the 50% retracement of wave (3). This is marked on the chart as 1.41072. Wave (4) should end somewhere in this area, giving way to a down move - wave (5). A firm break above 1.41072 would suggest further moves in the up direction. Stops can be brought down to this level, or remain where they are. Keep an eye on this level, as price action around it will determine an early (losing) exit from the trade we're in.
If you are just reading this post, and did NOT enter at the original entry, a lower risk short setup is emerging. If 1.41072 proves to hold resistance, shorting around this level can yield a very nice risk:reward ratio - with the stop loss just beyond the 50% retracement line, with initial targets down to the 0.00% line, and possibly potential for further declines. Enter at your own discretion on this one, and adjust stops as your trade becomes profitable.
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