Possible move on EURUSD

١٣ نوفمبر ٢٠٢٠

I have been looking closely at the chart from the fall of its resistance at 1.18714 and 1.18825at hitting these zones in October and had a fall to a support zone at 1.16733 and 1.16063 and then had a massive bullish movement which broke the 200MA to its previous resistance 1.18714 and 1.18825 respectively. This downtrend movement did a restest twice on the 200MA and at this point I see an Elliott Impulse wave(1,2,3,4,5) which the trend just expressed impulse (1 and 2). When price breaks above 1.18248 I see the 3rd impulse wave approaching which is considered the longest by Elliot Impulse Wave Law.


My area of value to enter the trend would be above the 1.18248 resistance zone which is a strong zone. 1.18478 would be a good zone to ride along and exit at the next resistance zone 1.19753.