Entry: BUY @ 1.2305 (To open a Buy Order) (For short term trades)
Protective Stop: @1.2245
Target: @1.2450
RATIONAL: Only a break above 1.2300 can be considered a temp Low which has been formed after the last Close bottom AT 1.2110
The level at 1.2330 is the current level of the Ichimoku cloud and previous resistance) .
THE ADDITIONAL Technicals from the Chart are as follows:--
Tenkan-Sen level :1.2199
Kijun-Sen level :1.2218
Ichimoku cloud top :1.2329
Ichimoku cloud bottom :1.2329
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(2.0) Further Technical Analysis on EURO/USD via ELLIOT WAVE principles(Longer Term View)
Despite falling to 1.2110 last closing,, as the single currency has recovered from there, suggesting further consolidation above recent low at 1.2110 would be seen and recovery to 1.2500 cannot be ruled out, however, only break of resistance at 1.2673 would signal the wave (v) has possibly ended and bring stronger rebound to 1.2800. Below support area at 1.2143-54 would signal the wave (v) of 1is still in progress and weakness to psychological support at 1.2000 would be seen, below would extend to 1.1913 (100% projection of 1.3692 to 1.2510 measuring from 1.3095) but reckon support at 1.1640 would hold.
My preferred count on the daily chart remains that a wave (B) from 1.2329 ended at 1.5145 with A-leg ended at 1.4720, followed by wave B at 1.2457, the wave C from there was also a 3 legged move and is labeled as (a): 1.3739, (b): 1.2885, the wave iii of the 5-waver (c) from 1.2885 has ended at 1.4339 and wave iv is a triangle ended at 1.3878 and wave v formed a top at 1.5145.
The decline from there is a 5-waver (C) with minor wave (i) of (C) ended at 1.4218 with wave (ii) ended at 1.4580, wave (iii) ended at 1.3267 and wave (iv) ended at 1.3692 and wave (v) may extend to 1.2000.
There is an alternate count that, wave (iii) itself is an extension with minor wave i ended at 1.3267 followed by wave ii at 1.3692).
On the upside, break of resistance at 1.2673 would bring retracement to 1.2735 (38.2% Fibonacci retracement of 1.3692 to 1.2143) and 1.2800 but reckon 1.2918 (50% Fibonacci retracement) would limit upside and resistance at 1.3095 would hold. Only a daily close above resistance at 1.3095/00 (also 61.8% Fibonacci retracement) would signal temporary low has been formed and risk retracement to 1.3300.
Recommendation: Sell at 1.2590 for 1.2200 with stop above 1.2680. (For bigger picture and mid Terms Trades)
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