I have switched to the alternate wave count today in EURUSD. I had been expecting accceleration to the downside in a possible wave 'iii', but this simply has not materialised as of yet. So the next best interpretation is an ongoing complex correction in wave 'ii'. This wave count better accounts for the sideways action of the last few weeks.
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The current price and its pattern could be a great setup for bulls in normal circumstances as I mentioned in earlier analysis but I would advise to wait through ECB and NFP before taking positions. Drahi is known for volatility during his speeches and it could send EURUD below the recent support at 1.05. In my opinion, this would be only short lived and the price is likely to rally again. I dont expect USD to gain much value even if FED decides to hike. All these bets are already priced in and we could see some profit taking if FED is dovish for the rest of the year. My strategy is wait until NFP for now but I remain bullish.
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