Analysis method - “Gann Swings + Price Action”
August 15, 2018
Daily chart: Downswing is very close already to the support level 1.1300. Will the euro get here additional strength to be corrected upwards or the major will drop for another 100 pips - it’s the question of the day. We have to admit, that downswing already has a very big amplitude, therefore, corrective scenario looks very real.
H1: Downward local structure has flawless shape so far and resides in a trending stage. Though, the last downswing also has big size, therefore, correction from 1.1300 towards 1.1365 looks logical.
Main scenario: Decline towards 1.1300 and then correction towards 1.1365.
Alternative scenario: Drop under 1.1300 with further move in direction 1.1250 and 1.1200.
Trading recommendations: Search for signals, that will confirm any of scenarios, at the 1.1300 region.