EURUSD – Lower in 3rd Wave

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EURUSD – Bearish with a stop at 1.3128

EURUSD – Buying pressure was posted yesterday resulting in EURUSD trading back inside the daily Ichimoku Cloud. However, this move higher has paused at 1.3106, 61.89% pullback of losses from 1.3200-1.2954. We should remember that this whole move higher (from the low of 1.2744 – week 1sr Apr) is seen as corrective with the pair ‘potentially’ still in wave 2 lower (medium term bias for a move towards the channel top of 1.3295). Furthermore, price action (waves) from the high of 1.3200 can both be seen in 3 waves. This is normal in corrective sequences. Although we need to see a break of the overnight low to confirm the outlook, the bias is for lower levels. The profit targets are 1.3060, 1.3045 and 1.2989.


The risk, however, would be with buying through a stop of 1.3128.