EURUSD, guy's keep an eye on major structure

Aug 6, 2016

There are several way's to count the structure for EURUSD and those are all valid. So what I like to do is keep in mind what drives this pair and that's 'uncertainty' about what and when the FED will act. The simple fact is that EURUSD is famous of its 50% retrace levels. What did we see last Friday after a 'main event'? Exactly that same 50% range got tested again. In other words nothing changed so far and we are still trading noise, fear and hope. So I won't give a high probability wave count of lesser degree on lower time frames because that simply doesn't make sense. The wave count on the daily time frame is my long term wave count projection and I left it on the chart so we can see that this might still be the correct projection. The current price action looks a lot like we saw more or less a year ago (coincidence?).
So what will be the plan for next week?


Simple; impulse-consolidation-impulse.
I like to see at least a third wave higher out of the confluence zone. Once we see that unfolding we will update again because this might be the whole consolidation of Friday's bearish move or a potential reversal.

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Aug 10, 2016

Note

If you are not in watch for minor consolidations before you buy. If we reverse, we adjust.

Aug 10, 2016

Note

Keep in mind that as long as we are moving within this fractal shown by means of the yellow box a lot is possible in terms of the technical picture (and EW count for that matter) so don't get biased and always wait for impulse-consolidation-impulse.