Hi All, dont u think the EU down slide is over for now, consolidation should happen at 1.1140, H4 chart spec
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Hi,
I think it may have a good chance of consolidating here a bit. As you can see on the chart in above post and here, the triangle line was broken to the downside yesterday. It may get tested from the underside now.
Also sentiment data of smaller option players may suggest, that a consolidation/upmove may be near - but this time I would not bet big on it.
Most retail FX traders are now heavily long. Usually they are right at extremes for a short time
From an Elliott Wave perspective we are now (see chart) in wave red 3 of an impulse down. In this red 3 we are most likely now in a wave 4 consolidation.
Logical targets for this wave red 3 down may be between roughly 1.09 to 1.10. I would prefer 1.09 or even lower.