Here's what I'm seeing for EU on the daily chart, as well as mid-term targets.
It appears we may have just started the final drive of the three drive down pattern. This is shown through the pattern with price, the harmonic ratios, and the amount of time that we have been in each bullish and bearish drive. Note the uptrends only seem to last about half the time as the downtrend.
EU may still retrace up to the 1.081 high in the short term, although I am looking at the blue dotted line as R1. If price were to increase, it would ideally bounce off of this line and continue downward. The solid blue line is my R2 - if it goes above this line, this analysis is invalidated.
If this trend works out as anticipated, I expect EU to hit 1.0567. My main TP is set for 1.057.
I will also be taking profits around the .618 fib, 1.0675.
This is NOT financial advice. Do your own research. I simply want to share my ideas as I learn, and welcome any feedback!
Good luck!
It appears we may have just started the final drive of the three drive down pattern. This is shown through the pattern with price, the harmonic ratios, and the amount of time that we have been in each bullish and bearish drive. Note the uptrends only seem to last about half the time as the downtrend.
EU may still retrace up to the 1.081 high in the short term, although I am looking at the blue dotted line as R1. If price were to increase, it would ideally bounce off of this line and continue downward. The solid blue line is my R2 - if it goes above this line, this analysis is invalidated.
If this trend works out as anticipated, I expect EU to hit 1.0567. My main TP is set for 1.057.
I will also be taking profits around the .618 fib, 1.0675.
This is NOT financial advice. Do your own research. I simply want to share my ideas as I learn, and welcome any feedback!
Good luck!