Intraday Elliottwave Analysis: EURUSD, a potential near term turning point ?

Yue Wang LinoCapital

EURUSD reached new year-to-date low at 1.1763, but still hold well above 1.1790.

According to my system, the daily buy signal is still valid.

This is very rare and highly indicated a potential turning point is just ahead.

Last time saw it when EURJPY traded near 133 level.

On big picture, we see yearly bullish outside bar, ideally will have new high over time. (The same bearish outside bar of DXY).

However, we are traders, not predictors, try to catch some short term moving is our work.

I already entered a tactical long position near 1.1790 against 1.1675/35.

Perhaps the worst case will be 1.1594... :) But will cut it if daily sell signal is flagged.

It is obviously not a low-risk trade idea, will publish it when the trend confirmed.

For now we still try to trade from both sides.

Daily support Levels: 1.1807 1.1800 1.1790 1.1788 1.1783 1.1759 1.1727

Daily resistance Levels: 1.1834 1.1853 1.1876 1.1882 1.1917

Intraday Trade Idea:

Sell Latentinterest Order: 1.1882

Buy Latentinterest Order: 1.1790

Click on the image to enlarge

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Author

Yue Wang

LinoCapital

Master's Degree in Hepatobiliary Surgery. 

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