EUR/USD-French-Elections – Bullish Intermediate Y – Technical Set-up:
EUR/USD finalized our previously posted Bearish Minor B (blue) and it bounced off the 1.05700 Levels, shooting towards the Intermediate Wave C (blue).
In our view, Intermediate C (blue) is the final wave for this Corrective Cycle (Intermediate WXY (black)) and we will be very interested in a SELL, once DXY (Dollar Index) would start its Final Impulsive Bullish Wave before the Next BIG Recession/Market Crash.
So far, the Elliott Wave Structure for this highly anticipated EUR/USD-French-Elections BUY set-up unfolded with Minuette (i) (black), followed by its retracement, Minuette (ii).
Minuette (iii), in our view, is most likely going to be an extended wave, by the looks of it at the current time.
Within Minuette (iii), Sub-Minuette i (blue) finalized and now the Retracement has begun, towards Sub-Minuette ii (blue), which is most likely going to end with an ABC Structure (Zig-Zag or Flat), at the 61.8% Fibonacci Retracements of Sub-Minuette i (blue).
EUR/USD-French-Elections BUY set-up is based on trading the most powerful swing within an Extended Impulse, the 3 within the 3.
Levels in focus would be 1.07000, 1.06700 & 1.06400.
EUR/USD-French-Elections – BUY Position:
Entry Level – 1.06700
SL – 1.05500
TP – 1.09800
* Note that for Conservative view, the ABC Corrective Structure would still need to be available.
* Safety Measures:
– when in the green, move SL to break-even or in profit.