EUR/USD hourly update: Looking to buy a possible breakout...
See my previous idea's on this pair for more info and larger timeframe analysis.
A new diagonal pattern might signal the end of the down move, it might be the end of a wave 1 of a whole new larger degree downtrend but based on my previous analysis I'm more biased towards the end of a corrective wave A.
Anyway: If the diagonal breaks to the upside it seems to me like a good idea to buy into it and possibly catch an up wave towards the 61.8% retracement of the last wave down around 1.1260 and in extension towards the high close to 1.1400...
Look for a breakout and correction above the structure to enter long.
A new diagonal pattern might signal the end of the down move, it might be the end of a wave 1 of a whole new larger degree downtrend but based on my previous analysis I'm more biased towards the end of a corrective wave A.
Anyway: If the diagonal breaks to the upside it seems to me like a good idea to buy into it and possibly catch an up wave towards the 61.8% retracement of the last wave down around 1.1260 and in extension towards the high close to 1.1400...
Look for a breakout and correction above the structure to enter long.
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