The Euro is still consolidating by means of a Bull-Flag. For my previous post see below:
We have to keep in mind that although this sideways price action seems corrective at first, it might result in a leading diagonal if we see 1 more low. See chart below:
A leading diagonal can either be a wave 1 which indicates that the correction for the EURUSD was over around 1.105, or it can be a wave A (which is less likely at the moment) and this would indicate that a corrective combination is in progress.
Based on fundamentals and higher time frame structure I still favor a bullish break to be next but we trade what we see and therefore I will be watching price action in the beginning of next week for clues.
Updates will follow.
www.timstuyts.com
facebook/timstuyts/
We have to keep in mind that although this sideways price action seems corrective at first, it might result in a leading diagonal if we see 1 more low. See chart below:
A leading diagonal can either be a wave 1 which indicates that the correction for the EURUSD was over around 1.105, or it can be a wave A (which is less likely at the moment) and this would indicate that a corrective combination is in progress.
Based on fundamentals and higher time frame structure I still favor a bullish break to be next but we trade what we see and therefore I will be watching price action in the beginning of next week for clues.
Updates will follow.
www.timstuyts.com
facebook/timstuyts/
