Disliked{quote} Today the EURUSD turned down hard from just a few pips shy of 1.40. It looks like we may have the 5th wave in place of this huge ending diagonal. However as seen on daily tf, price has yet to confirm a downtrend by taking out critical pivot levels and trendlines. weekly: {image} daily: {image}Ignored
EURUSD - Weekly Update
On april 6 I called for new highs towards and into the 1.40 level whereafter we should see a massive decline from a finished Ending Diagonal.
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So far it has turned out to be correct.... but
a look at the EurUsd and the 2 days massive decline with barely no pullback, makes this decline a little suspect in my eyes.
Right now price sits above strong resistance at 1.3675 > 1.3740 and a strong pullback may be in store soon.
As seen on the charts price has reached the lower bollinger band, the 100EMA and at 3730 we have the 50% fib of the April 4 low
as well as supportlines and conluences.
The price has yet to take out any critical levels and could still (potentially) make a new high slightly above the current high without
compromising any structure in the ending diagonal theory. time will tell.
Weekly chart:
Daily: