The EUR/USD currency pair has reached the first potential target set for the fifth wave. About this scenario, we have written in our previous analysis waiting for a 1,2000 level breakout. Since then the first potential target has been set by 100 percent Fibo expansion of wave 1. 1,2128 has been tested.
However, currently the market seems to be still rising so the fifth wave may be extended. The next potential targets are set by the upper limit within an upward channel and by 161,8 percent Fibo expansion at 1,2442.
It seems that only a move below the lower limit of the mentioned channel may finish the upward trend and the correction may then begin.
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Daniel Kostecki, Chief Analyst Conotoxia Ltd.
Materials, analysis and opinions contained, referenced or provided herein are intended solely for informational and educational purposes. Personal opinion of the author does not represent and should not be constructed as a statement or an investment advice made by Conotoxia Ltd. All indiscriminate reliance on illustrative or informational materials may lead to losses. Past performance is not a reliable indicator of future results.
81% of retail investor accounts lose money when trading CFDs with this provider. You should consider whether you understand how CFDs work and whether you can afford to take the high risk of losing your money.
However, currently the market seems to be still rising so the fifth wave may be extended. The next potential targets are set by the upper limit within an upward channel and by 161,8 percent Fibo expansion at 1,2442.
It seems that only a move below the lower limit of the mentioned channel may finish the upward trend and the correction may then begin.
________
Daniel Kostecki, Chief Analyst Conotoxia Ltd.
Materials, analysis and opinions contained, referenced or provided herein are intended solely for informational and educational purposes. Personal opinion of the author does not represent and should not be constructed as a statement or an investment advice made by Conotoxia Ltd. All indiscriminate reliance on illustrative or informational materials may lead to losses. Past performance is not a reliable indicator of future results.
81% of retail investor accounts lose money when trading CFDs with this provider. You should consider whether you understand how CFDs work and whether you can afford to take the high risk of losing your money.
