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EURUSD Finds Support, Now Eyeing 1.17

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Oct 16 2018

EURUSD found some support at 1.1429 where pair completed a five wave fall from 1.1816, which can be either final leg of an A-B-C flat, or maybe resumption of a downtrend. My primary count is a flat, which means that new leg up to 1.19 can be coming. But as a trader and analyst I always try to focus on minimum expectations and not predict the next move too far into the future. I want to go with a step-by-step process. That said, I have an ALT label also on that same chart, a top of wave four at 1.1816, but even this one suggests more upside as recovery against that five wave fall should be made by three waves minimum. That said, no matter how I look a the price move of EURUSD I think there is a chance that pair will see 1.1670/1.1700 area based on two different interpretations.
You know, its always good to plan your next trade from a different perspectives and based on minimum expected move, to build a valid reward-risk set-up (2 or 3:1), but If your maximum or primary levels are meet then trade award will increase significantly.

I wish you a good trading decisions,
Grega

EURUSD, 4h




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