As is the case in the latest Dollar chart we are sitting at a significant level, if we take 1.142x resistance it will unlock the impulsive nature in the rally. We have covered widely the floor being built in EUR over the previous weeks, given the fact we held above the wedge breakout it implies that there is potential for continuation towards 1.157x. To put simply, there is a high chance of breaking the 1.142x resistance.
Presuming we can break higher, the next targets come into play at 1.157x which is the minimum wave 3 projected target. A 5 wave sequence would prove to be beyond 1.16x, of course as is the case in Dollar, this is dependent on the 1.142x breaking.
To the downside, support comes into play in the 1.13 handle, confidence will fade in the underlying move to the topside if we break below 1.131x.
Best of luck those already riding this pig, and those looking to play the break above which is very tradable for those sitting on the sidelines.
Presuming we can break higher, the next targets come into play at 1.157x which is the minimum wave 3 projected target. A 5 wave sequence would prove to be beyond 1.16x, of course as is the case in Dollar, this is dependent on the 1.142x breaking.
To the downside, support comes into play in the 1.13 handle, confidence will fade in the underlying move to the topside if we break below 1.131x.
Best of luck those already riding this pig, and those looking to play the break above which is very tradable for those sitting on the sidelines.
