EUR:USD Charts and Updates

Posted by Mike Richards on 24/08/2018

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EURUSD Charts & Morning Update:

Yesterday we saw this pair turn back down from just below the invalidation level marked in the 240 & 60 Minute Charts. The recent high should ideally be the top of the Wave IV in an unfolding ending diagonal to complete the Minuette Degree Wave (v) which will then complete all of the Minute Degree Wave 1 down off the February high. Should we see the EUR:USD take out the invalidation level at 1.1627 then the Minute Degree Wave 1 is already complete at the low seen on 15th August and this move up is part of the Minuette Degree A Wave of the Minute Degree wave 2.

I am looking for a set up to take a long position in this pair with the intention of leaving a portion of my position in place as we approach the target area for the completion of the Minute Degree Wave 2. The thinking is that the lows seen back in January 2017 can be alll of a larger degree B Wave and the EURUDSD will therefore make a new high above that seen in February this year before then turning back down.

I will be taking my cue for this idea from the DXY chart and also considering the structure of the move up from the lows once that swing commences.