Still waiting – this was the post from Friday last week. Currently we are @ 87.76 and out of the symmetrical wedge. We are looking to complete a move to the range support @ 86.78. The average daily true range (ATR) for the pair currently is 72 pips.
Note: USDX is strengthening – should affect all USD pairs
What ProAct Forex Target Traders See: We are currently sitting @ 1.1768 inside a channel in a range. We are looking for an initial move down to the 0.786 Fibo @ 1.1669 and then the continuation to the range bottom @ 1.557. The average daily true range (ATR) for the pair currently is 67 pips.
Currently we are @ 0.7504 in a 4th wave correction. We are looking to complete a move to the square up @ 0.7582. From there we are looking for a 5th wave to start down to the 0.7400 and beyond. While the ATR is currently low- it has a tendency to explode for a bunch pf pips. The average daily true range (ATR) for the pair currently is 57 pips.
Note: Tough one to dissect this week - USDX is weak now, but the passing of the largest tax reduction in USA history Friday night after hours, might make the dollar strengthen. This might affect the dollar currency pairs – and it will be the opposite way of their current moves. I will give both views. Also, be wary of potential gaps due to this. Advanced traders may want to fade the gaps if there are any.