EUR/USD Buy Setup?
The DXY seems to have ended its correction with its 4th wave up (check my previous analysis on DXY) and now is heading towards its 5th wave to record new lows for 2021. Looking at the 2H chart on EUR/USD, we can see that it reached today the previous top (1.19896) with 5 waves up which will be considered as wave (1) for the Intermediate Cycle, and now we are expecting an ABC correction to retest the previous wave 4 before continuing its way up with an impulsive move to the upside for wave (3) (Intermediate Cycle).
What's interesting also is that the previous wave 4 is also the 38.2% Fibonacci Retracement level which is known to be a strong support level.
Stoploss below the previous wave 4.
What's interesting also is that the previous wave 4 is also the 38.2% Fibonacci Retracement level which is known to be a strong support level.
Stoploss below the previous wave 4.
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