Blue level between 38,2 and 50% of wave A for short term position. Correction waves 2 and 4 of down trend had about 120 pips length so searching for analogy and Fibo levels I have this level.
Long term can be to 61,8 or 78,6 of wave A - but its less probable. I still belive it just ABC correction before another up trend.
Today we have "red news" from GBP at 10:30 and CAD at 14:30.
There was some up and down moves at night because of Greece.
ERU/USD didnt react very strong (maybe that was expected and after this 3 days up trend it is already "in price")
I will still look for short on EUR/USD and its v close to give signal:
It is now on resistance level - top of 2 corrrection wave of last down trend. It can go to level 5 - but it can be near top now too.
Fast DT is very close to give sell signal. 5min DT is also close.
Blue marked lvl is target for short term position. Its minimum of correction - 38,2 and abot 120 pips from maximum = length of last down move correction waves 2 and 4.
Long term position can move further somewhere between 50% and 61,8.
1. 38,2 of wave 1 Fibo
2. Support level - price bounced twice just after first impulse up
3. Its 90 - 96pips from top and correction waves 1-2, 3-4 and 5-A had lengh from 90 to 95pips.
1. 78,6 Fibo of last last up move.
2. Trend line (im using them sometimes when they fit - just like S/R levels, sometimes some AT formation too)
3. Down move has lenght of almost 160pips - and it fit to last AUD/USD trend moves. From 150 to 180pips.
Potential of transaction is not so big. Just some Fibo levels of this 160pips move down.
