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The larger term view point in the EUR pairs in general certainly has a bearish outlook, but focusing on the price action to start the week, we can see that the leg to the upside carried strong momentum.
In Elliott Wave, moves in the market are usually classified in 3 or 5 waves, which provides reason to believe another leg higher to a deeper retracement can be seen before bearish momentum resumes.
The 4H chart of EURHKD shows the pair near the 61.8% Fibonacci level, just ahead of spike support seen on the 5th of June at 8.5650. Confluence also comes in around that area in the form of a 76.4% fib level.
Long positions from this area offer decent risk to reward for a move back to daily resistance which comes in at 8.8440
In Elliott Wave, moves in the market are usually classified in 3 or 5 waves, which provides reason to believe another leg higher to a deeper retracement can be seen before bearish momentum resumes.
The 4H chart of EURHKD shows the pair near the 61.8% Fibonacci level, just ahead of spike support seen on the 5th of June at 8.5650. Confluence also comes in around that area in the form of a 76.4% fib level.
Long positions from this area offer decent risk to reward for a move back to daily resistance which comes in at 8.8440
