Some extremely important “polarity” principles are being tested w/ the EUR.USD currency pair.
The principle is that “former support” will become resistance or vice versa. In his case, we have the low from 1985 and the low from 2000 showing former support that, now, SHOULD be stiff resistance.
If we power thru this level then the .618 retracement (note measured move orange arrow) looms as the next big resistance level.
EURUSD hitting/hit significant resistance.
5 waves complete … wave 1 = wave 5 (blue arrows) .. initial impulse wave natural log and/or square root 8 projection … ffrequency target (good stop out if it blows thru) …1.732 extension from of wave 3- 4 (note, wave 3 = 2.236 (square root of 5) ….
all this being said, this is 5 waves UP folks so the coming pullback is one we want to BUY … for now, that’s around (previous wave 4 of a lesser degree) in/around 1.05. we’ll just have to wait and see …
Bart
