Looks like Correction Time
EurUSD made a strong move up and has been quite impulsive since the last few weeks. I see a 240 divergence at the current highs. This probably indicates that this move up will now get into a corrective phase and remain sideways over the next several days. I Fib'ed just the current impulse and I wont be surprised if EURUSD corrects to the 38.2 or even 61.8 fib levels, before it begins to move up again.
For the short term, EURUSD would most likely remain a sell on rise until its correction is done. Once the correction is done, I think we will see a buy setup again which could be a buying opportunity - Low risk, high reward.
I think that Until that buy setup is formed, EURUSD longs dont offer a great risk/ reward, whereas a good sell setup is a possible "low risk- good reward" .
** This is not a trade advise**
For the short term, EURUSD would most likely remain a sell on rise until its correction is done. Once the correction is done, I think we will see a buy setup again which could be a buying opportunity - Low risk, high reward.
I think that Until that buy setup is formed, EURUSD longs dont offer a great risk/ reward, whereas a good sell setup is a possible "low risk- good reward" .
** This is not a trade advise**
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