EUR/USD – HOURLY CHART
We are still in the AB downswing since we took out the A low on Friday, price bounced off the 618 late in the US session and has fallen, there is a BF786 at 4089, if we hit this level and get a bullish cs formation we will PT it for the 786, alternatively, if we test the 618 today and get a bearish cs formation that will be good for a 50 pip limit. Rallying to the 786 and getting a bearish cs formation will constitute a short PT to the BF786.
SHORT: WILL ONLY BE GOING SHORT IF:
We need either a test of the 618-4227 followed by a bearish cs formation, or we need price to hit the 786-4276 and a bearish cs formation, the latter will be a PT to the BF786.
LONG: WILL ONLY BE GOING LONG TODAY IF:
We need price to drop and hit the BF786-4089 and thereafter give us a bullish cs formation for a long trade. This will constitute a PT to the 786 since we already had a 618 bounce prior.
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