Today's thrust lower in the EURUSD appears to have completed Wave 1 Green lower. It is currently facing the resistance of the 61.8% retracement of the B Wave as well as the center-line of it's channel. This may be a decent stopping point for the decline. Ideally, I would like to see an end of day rally to create a tail on the today's bar. The coming rally may match Wave A Green's peak in order to set up a massive Head and Shoulders pattern which will be broken in a Wave 3 Green lower. |
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