Classic structural move again after breakout of the high made in last week of Sep.
Notice that right after the 50% expansion to the upside, a retracement has started.
For next week, a retest of that 50% expansion level is very likely (momentum bias) but not necessarily making new high as the spike high this week can be the start of a w. thrust topping formation. It has to be confirmed next week before we can tell if this EUR melt up is done.
The first retracement target will be the 50% level and open of this week. Next in line is a retest of Sep close.
Lawrence's Comment
Recap
Gap up in the beginning of the week. Then consistent selling all the way down to Y-2 as expected. Cannot get any better than that. Once 100% ...
EURUSD Next Week Outlook
Classic structural move again after breakout of the high made in last week of Sep.
Notice that right after the 50% expansion to the upside, a retracement has started.
For next week, a retest of that 50% expansion level is very likely (momentum bias) but not necessarily making new high as the spike high this week can be the start of a w. thrust topping formation. It has to be confirmed next week before we can tell if this EUR melt up is done.
The first retracement target will be the 50% level and open of this week. Next in line is a retest of Sep close.
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