Under the US dollar pressure, EURUSD has been making lower lows and lower highs recently. However, RSI on the monthly chart is oversold for the 3rd time in this century.
MACD is showing bullish divergence on multiple timeframes, and the EURUSD on H4 has just achieved a higher high this time with 5 impulse waves: the ABC correction is clear on the chart, wave C is nearly around 0.76 to 0.8 fib retracement. With today's good news on euro CPI and core CPI (higher than expected for both), we can give this currency a chance to retest the end of impulse wave 5, or even to make a higher high.
Stoploss can go below the impulse wave 2 for some people, or below the lowest low (the beginning of the impulse wave).
Note that on a long term perspective, USD is still stronger than EURO, we will just give eurusd a chance after the new high we saw lately.
Goodluck everyone,
Joe.
MACD is showing bullish divergence on multiple timeframes, and the EURUSD on H4 has just achieved a higher high this time with 5 impulse waves: the ABC correction is clear on the chart, wave C is nearly around 0.76 to 0.8 fib retracement. With today's good news on euro CPI and core CPI (higher than expected for both), we can give this currency a chance to retest the end of impulse wave 5, or even to make a higher high.
Stoploss can go below the impulse wave 2 for some people, or below the lowest low (the beginning of the impulse wave).
Note that on a long term perspective, USD is still stronger than EURO, we will just give eurusd a chance after the new high we saw lately.
Goodluck everyone,
Joe.
