Hello Traders,
There is a rising parallel channel pattern that has formed on the daily charts that started back on Feb. It has completed the D wave of the Elliot Wave pattern when it hit the bottom support trend line. To complete the elliott wave pattern it will have to rise up to the resistance trendline to hit the E point. Wait for confirmation for the up trend on a lower time frame such as the 4H or 1H before entering the trade. This week the news release includes the US interest rate as well as the ECB interest rate so be patient. If ECB is bullish and USD is dovish, this is will further confirm the uptrend.
There is a rising parallel channel pattern that has formed on the daily charts that started back on Feb. It has completed the D wave of the Elliot Wave pattern when it hit the bottom support trend line. To complete the elliott wave pattern it will have to rise up to the resistance trendline to hit the E point. Wait for confirmation for the up trend on a lower time frame such as the 4H or 1H before entering the trade. This week the news release includes the US interest rate as well as the ECB interest rate so be patient. If ECB is bullish and USD is dovish, this is will further confirm the uptrend.