The EURUSD pattern displays a clear 5 wave move higher from the April low. This suggests an upward flat was in play and it terminated right at the 38.2% retracement of wave (3) .
The steep sell off could be the beginnings of wave (5). However, the overlap at 1.1065 places more emphasis towards an X wave lower. A rejection of prices near 1.1225-1.1325 will more heavily emphasize an ending diagonal for wave (5) lower.
What is your favored count?
German Bund rates (10yr) are suggesting the EURUSD needs to be several handles higher. Something will give soon...
That's one reason why I like EURAUD long.
The steep sell off could be the beginnings of wave (5). However, the overlap at 1.1065 places more emphasis towards an X wave lower. A rejection of prices near 1.1225-1.1325 will more heavily emphasize an ending diagonal for wave (5) lower.
What is your favored count?
German Bund rates (10yr) are suggesting the EURUSD needs to be several handles higher. Something will give soon...
That's one reason why I like EURAUD long.
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www.seethewaves.com - A school to learn how to read charts & Elliott Wave Theory.
EW Express - bit.ly/elliottwaveexpress
