Market is postioning ahead of FOMC. Beware that anything can happen on Wednesday like this.
So far, if You have followed my posts and had bought on the lows of 1.2900 and took profit into 1.3000 - good for You then, because right now the setup is not that clear really - there are two options here:
(1) EUR/USD is in the impulsive wave now that might be the part of larger impulsive wave up . That means price will move very fast up if this is correct. So far there are three waves up and now we are in wave 4 correction cycle. Price moved pass 50% level but did not touch 61% level and now it is decision time - anything above 61% is bullish and eyeig latest swing high.
(2) EUR/USD has finished the wave B of correction and hit the Fibo resistance and Weekly Resistance area. Break below 1.2962 will be first clue that new low might be comming.
Entry:
For Bulls: Buy @ 1.2981 - 1.2974 (Agressive) SL: 1.2959 TP: Above 1.3010
More buy if price break through 1.3030 ( on retracements)
For Bears: Sell @ 1.2958 - 1.2950 (Agressive) SL:20 pips. TP: Below 1.2875
More sell below Weekly Pivot ( on spikes or rallys)
Take care,
Seb
Source | Elliott Wave NYSE And Forex Blog | http://elliottfxtrader.blogspot.com/2012/12/eurusd-m30h1-h4-update-tpi.html
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