Above are the continuation of my analysis for EURUSD for daily chart. In 16 Jan 2010, I predict that EURUSD was in Wave 1 formation. My entry strategy is Enter at the Low of the Friday Price (15/01/2010). As a result, the price move in favour and make a movement for 314 PIPS!! The latest Swing Low had been made later at 1.4022 (21/01/2010). I might say that EURUSD may in Wave 2 formation. Below are my EURUSD analysis for next week action.
Currency: EURUSD
Time Frame: Daily
Indicator Momentum: Bearish Oversold but nearly bullish crossover.
Pattern: Possible of Wave 2 of 5 Wave Impulsive Pattern
Price: Bullish Engulfing at Friday Candle (22/1/2010). Beware of false signal, market still very bearish. Price are moving to the Fibonacci 38%.
Entry Strategy 1: Trader may consider long after bullish crossover at the stochastic (Short Term Strategy especially on the smaller timeframe).
Entry Strategy 2: Wait for the completion of Wave 2 before considering short (Long term Strategy). Trader may consider the 22/1/2010 Low at 1.4022 to enter short.
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