I like this foldback picture – so believe we have another move lower in the Euro based on this picture.
So, where are we now? What’s next for the Euro?
If we drill down to a 4 hour chart you can see that we completed an A-B-C correction higher last month. And that was followed by a 5 wave move lower (which appears to have negated a higher target. Either way, we should see a little more push higher followed by the beginning of a move lower.
I’ll be looking to deploy capital on the short side on any further strength. The red shaded area highlights the “risk”.
Thanks for reading.
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Twitter: @BartsCharts
Author does not have a position in mentioned securities at the time of publication. Any opinions expressed herein are solely those of the author, and do not in any way represent the views or opinions of any other person or entity.
