Last week after the Fed announced that they will increase the rate, we saw the dollar moving which might be the trigger for the correction. Technically the EURUSD has all the reasons as well to do so. That being said we should be looking to buy dips in the short term. Here is the plan on how to join.
Fundamental Overview:
Fed statement on increasing the rate
Technical Overview:
W1 – 20 Candles Ride, 5 wave move which now should be followed by correction
Entry:
H1/H4 – I expect the market to create some kind of range which could be in the form of triangle or wedge and we can buy the break of it. Alternatively one can look to buy at the trend line
On the H1 chart follow the price action and once double wave correction is completed we can jump into a buy trade.
Target 1: 1.0870
Target 2: 1.1050
Stop Loss: below 1.06 or if you want to be more conservative below last low
Video Explanation:
