๐ถ๐ตPost is a direct continuation of the previous post on EUR/USD in which I wrote about the upcoming correction.
๐ถ๐ตW This time we will take a closer look at the whole situation and show you how, using technical analysis tools, I have determined a very likely place for the end of the downward correction.
๐ถ๐ตIn turn.
๐ถ๐ตI started by delineating the uptrend channel from which the price today broke out to return to the middle again after an intense reaction
๐ถ๐ตThen I measured the entire upward impulse using a fibo grid. In order to find potential support points.
๐ถ๐ตI measured the largest correction in the uptrend impulse in order to determine the range of the largest 1:1 correction.
๐ถ๐ตWith the help of the fibo level cluster of 0.382 and the range of the 1:1 correction, I determined a very likely support in the future. We can see that the price has found strong resistance at these levels in the past.
๐ถ๐ตAdding the fundamentals, which you can read more about in my previous post on this pair:
๐ถ๐ตWe are looking at a fairly shallow correction of 38.2% of the entire upward wave that could take place.
๐ถ๐ตThe scenario I am playing out is a gradual descent of the price to the support level marked on the chart. From which we are likely to continue upwards after some accumulation.
๐ถ๐ต*Please do not suggest the path I have drawn with the lines this is only a hypothetical scenario for further increases.
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๋ ธํธ
After the execution of the gartley harmonic formation, it was time for declines