In the latest developments on the EURUSD 15-minute chart, we observe an interesting setup for a short position using Elliott Wave analysis. The currency pair has completed an impulsive structure up to wave (3) and is currently forming wave (4), which seems to be a retracement phase.
We can see wave (4) potentially stabilizing around key Fibonacci levels before wave (5) initiates. These Fibonacci levels are at 1.07755 (50% retracement) and 1.07668 (61.8% retracement), providing optimal points for considering short entries. The rationale is that after completing wave (4), wave (5) is expected to progress downwards, potentially surpassing the end of wave (3).
For traders looking to capitalize on this move, entering shorts near these retracement levels could be a strategic approach. Setting a stop-loss just above the peak of wave (3) would be prudent to manage risk effectively. The target for this trade could be set at 1.08122, following the Elliott Wave principle that wave (5) often equals the length of wave (1).
This setup offers a solid risk-reward ratio, considering the clarity of the wave formations and the precision of Fibonacci levels as potential support and resistance areas. As always, keep a close eye on price action and adjust your trading plan accordingly to ensure alignment with unfolding market dynamics.
We can see wave (4) potentially stabilizing around key Fibonacci levels before wave (5) initiates. These Fibonacci levels are at 1.07755 (50% retracement) and 1.07668 (61.8% retracement), providing optimal points for considering short entries. The rationale is that after completing wave (4), wave (5) is expected to progress downwards, potentially surpassing the end of wave (3).
For traders looking to capitalize on this move, entering shorts near these retracement levels could be a strategic approach. Setting a stop-loss just above the peak of wave (3) would be prudent to manage risk effectively. The target for this trade could be set at 1.08122, following the Elliott Wave principle that wave (5) often equals the length of wave (1).
This setup offers a solid risk-reward ratio, considering the clarity of the wave formations and the precision of Fibonacci levels as potential support and resistance areas. As always, keep a close eye on price action and adjust your trading plan accordingly to ensure alignment with unfolding market dynamics.
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