EURUSD

As far as I can tell, the consensus is that this move up is a wave 4, and at, or near an end. However, price is above the daily pivot, the weekly pivot and is now consolidating, having also got above monthly S1. In this chart, I have a 25 pip range bar study that has a bearish MMA wave but a momentum study that does not look overbought to me: look left for the 'pinch' at the top of the sub-chart for an example of one of them. This is the only bearish wave from 5pips to 50 pips; sort of stuck in the middle and the subject of my "who is zooming who" post earlier in the week. A push to the monthly pivot will have a go at turning this wave too, but if price stops at the spine near 1.3500, then that is where weekly R1 is located. It may or may not be a corrective wave 4, but for now, it is not showing a signs to me that it is over.

My price envelope of the FLD in the above chart is located in this next study along with the Valid Trend Lines that I mark off two consecutive peaks or troughs, depending on the direction of the trend. For now, the next resistance line is just above at 1.3471, where the a=c equivalency presides. I gotta feeling that if this goes, price will consolidate again between this and the weekly pivot at 1.3500. A lot of traders seem to want to go short there but do I? Let us see what 1.3471 holds for price first though, if it gets there, of course.