After a steady uptrend on EUR/USD, we see that important trend line has been broken and the pair has been dropping consistently for 2 days. One of the reasons why EUR/USD is dropping is possibly profit taking which was enacted by hedge funds as French elections grow closer. Today POC zone for selling is 1.0775-90 (D H3, ATR Pivot, inner trend line, EMA89) while we might expect buyers within 1.0665-85 zone (Order block, D L5, W L5, 78.6). Any break of Upper POC range (1.0790) and Lower POC range (1.0665) should establish new intraweek trend. At this point we need to treat this as range play with 2 zones where EUR/USD might react.

Quick Summary:

D H3 – Daily Camarilla Pivot (Daily Resistance)

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POC – Point Of Confluence (The zone where we expect price to react – aka entry zone)

D L5 – Daily L5 Camarilla (Strongest Daily Support)

W L5- Weekly L5 Camarilla (Strongest Weekly Support)

Bullish Order Block – The height of bearish candle prior to move up

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The Wave Analysis it for today the most flexible, powerful and perspective tool which allows to predict tendencies which lead to certain changes on financial charts on all time pieces. One of properties of this tool is its insufficient formalisation, proceeding from it the opinion of the author of the forecast made on the basis of the Wave Analysis always is subjective. As the Wave Structure constantly varies, the forecast on the basis of the Wave Analysis reflects opinion of the author at the moment of the forecast publication. The Wave Analysis is not trading system. It not the generator of signals on the conclusion or an exit 1from the transaction, therefore the schematical direction of movement of the price put on the chart should not be for the trader the guide to action on opening of positions. In case of formation in the market of conditions which, according to the author it is possible to use for drawing up of the trading plan - on a chart levels of acknowledgement of the chosen scenario, optimum areas of an input and levels of cancellation of the chosen scenario will be specified in addition.


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