EURUSD

Been into the University today to agree lecture responsibilities for next year and it looks like I am going to be busy! However,  should still be able to post ongoing which is great, although may be a bit later like today.

I have combined pyrapoint from 1.20411 at 22.5degrees progression and an Ichimoku cloud, to show why I have been looking for a pull back. At this degree, the pyrapoint grid houses 10 days price action, and why I have set the MA behind the red FLD to the same, shifted by half of course. Today's price target for a hit on the blue 45 degree line is 1.3665, which is also the weekly pivot. A break above yesterday's high would likely push on to the red 45 degree line above nearer 1.3900, but I do not think the market is ready for that quite yet, with that Ichimoku cloud looking 'testable'! In between the grid line and the cloud, is the 10 day FLD, all three of which would provide a reasonable place to look for support for another crack at that lid at 1.3792.

The 6 pip MMA I posted yesterday managed to stave off a turn, but this price action does look like it will drop in a 'c' wave from here. To hit the grid line from the chart above, we will need to see a 262x extension of 'a' which may look impulsive after all the grind of late. This may help to seduce some more bears into the 'going down' storyboard again, but I'll be looking to drop shorts and go long again once an ending pattern causes a turn up.

I think the 'E' leg of the contracting diagonal in the 'C' storyboard from my weekend reports is looking like a runner for the bigger picture on the daily chart(being the end of a 'B' leg on my monthly charts), so I am dropping the larger expanding diagonal alternative unless we see the 1.3294 low go. The key will be the depth of the 'b' wave in due course, but that is for another day.

Here is my shorter term count from that 'D' low in the above chart. For now, I am content with my bullish case having been given wings (unless proven otherwise) and show two possible bullish counts. The first is more aggressive and suggests we are still in an 'A' leg of 'E', with the 1-2 count and the 2nd looks for price to be somewhere in the 'c' of 'A'. I continue to look for a correction that is deep enough for me to fill back up long, so catch up when that is in.