EURUSD Hits Resistances—Reversal Incoming?

Feb 14

As I expected in the previous post, the EURUSD(EURUSD) touched my Targets and is creating the second top of the ascending channel.

The EURUSD is in the Resistance zone($1.0537-$1.04500), Potential Reversal Zone(PRZ), Resistance lines, and Time Reversal Zone(TRZ) near the Monthly Resistance(1) and the upper line of the ascending channel.

In terms of Elliott wave theory, EURUSD seems to be completing microwave 5 of the main wave C of the Zigzag Correction(ABC/5-3-5).

I expect the EURUSD to start falling soon, and it is likely to form a Head and Shoulders Pattern to continue the decline.

Note: If EURUSD touches $1.055, we can expect more pumps.

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Euro/U.S.Dollar Analyze (EURUSD), 1-hour time frame.

Be sure to follow the updated ideas.

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Feb 15

Trade active

Trade was activated before the market was closed

Feb 18

Trade closed: target reached

First Target Done

Feb 19

Note

Full Target Done