2017-11-07
Technical outlook:
EUR/USD daily chart setup has been presented here with the most probable and alternate wave counts to help keep the bigger picture in mind. According to the most probable wave count, EURUSD has produced waves 1,2 and 3 of the same degree and wave 4 are just underway. It is expected to terminate around the 1.1500 levels before the rally resumes for the 5th wave, which could easily push through 1.2100 levels or even higher. As an alternate count though, the EURUSD pair might have already completed 5 waves impulse wave from 1.0300/40 levels earlier. In that case, a wave A could be in the making towards 1.1500 or 1.1400 levels, within the 3 wave A-B-C drop, which could extend all the way towards 1.1000 levels, pretty close to trend line support as shown here.
Trading plan:
Aggressive: Remain short with risk through 1.1700 levels, targeting 1.1500 at least.
Conservative: Remain flat for now and look to go long around 1.1500 levels.
US Dollar Index chart setups:
Technical outlook:
US Dollar Index daily chart view has been presented here with probable and alternate scenarios being labeled, clearly bringing the larger picture into view. A high probable wave count suggests that the US Dollar Index has completed waves 1,2 and 3 of the same degree between 103.80 and 91.00 levels respectively. Wave 4 of the same degree is underway, and it is expected to terminate around 95.30/50 levels. We should then expect one more low or at least a test of 91.00 levels before the index produces a meaningful pullback rally. The alternate count presents a scenario where the index might have already completed 5 waves lower to produce an impulse and that it is producing corrective waves A-B-C higher towards 98.00/99.00 levels respectively. In either case, a push towards 95.30 seems to be on cards.
Trading plan:
Please remain flat for now and look to sell around 95.30/50 levels.
Fundamental outlook:
Please watch out for Mr. Draghi's speech in Frankfurt today around 04:00 AM EST
Good luck!
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