It appears that a flat correction is unfolding in EURUSD.... Flats are counted 3,3,5.
We know that in corrections a common fib relationship is that wave C = Wave A... here that puts the end of projected wave C possibly unfolding now... at 1.3109 measured from the current bottom of 1.3017.... We trade 1.3039.
If we trade any lower first, the target will drop by the same number of pips that we go below below 3117... but given the overlapping action, and evident three waves already in at 3117 low, we probably already have completed the first two legs of anticipated 3 wave corrective (counter - trend) move up in EURUSD.
We know that in corrections a common fib relationship is that wave C = Wave A... here that puts the end of projected wave C possibly unfolding now... at 1.3109 measured from the current bottom of 1.3017.... We trade 1.3039.
If we trade any lower first, the target will drop by the same number of pips that we go below below 3117... but given the overlapping action, and evident three waves already in at 3117 low, we probably already have completed the first two legs of anticipated 3 wave corrective (counter - trend) move up in EURUSD.