Intraday Elliottwave Analysis: EURUSD, no bottom sign yet

Yue Wang LinoCapital

EURUSD reached our tactical long entry at 1.1655 last Friday.

But price had little reaction here.

According to Volume Profile study in Tradingview, long term control point is around 1.1770.

Below here, directly bearish toward 1.1594, 1.1550 or even 1.1474/40 could not be ruled out.

Although downside may be limited from current levels (if seen, perhaps about 1-2 big figures...?）, I still suggest to well control the risk: partial close the long trade from 1.1655 and lower stop to 1.1530; or simply close the trade for some small profit and wait for better opportunities.

Daily support Levels: 1.1625 1.1597 1.1582 1.1553

Daily resistance Levels: 1.1694 1.1705 1.1723 1.1732 1.1747

Intraday Trade Idea: (spot 1.1685)

①Buy Limit @ 1.1646 SL @ 1.1608 Take Profit @ 1.1686

②Sell Limit @ 1.1597 SL @ 1.1563 Take Profit @ 1.1625

Click on the image to enlarge

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Author

Yue Wang

LinoCapital

Master's Degree in Hepatobiliary Surgery. 

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