Forex Signals

EURUSD – Bullish Third Wave Setup


The EURUSD pair, in its 2-hour chart, illustrates the price action developing a corrective process. The bearish advance suggests that currently, the common currency makes its second downward leg.

The second wave, labeled in black and its internal exhaustion signals, suggests that the euro could start its third wave soon.


A bullish position will activate if the price soars and closes above 1.0969. Our conservative scenario foresees a potential profit target at 1.1285. 

The bullish scenario will be invalid if the price closes at 1.0754.


Trading Plan Summary

  • Entry Level: 1.09694
  • Protective Stop: 1.07545
  • Profit Target: 1.12856
  • Risk/Reward Ratio: 1.47
  • Position Size: 0.01 lot per $1,000 in account.

By Eduardo Vargas

Eduardo Vargas is a technical analyst and independent trader based in Buenos Aires, Argentina. He is an Industrial Engineer and holds a Master in Finance degree. In 2008 began to trade Chilean stocks listed on IPSA. From 2013 started to trade CFDs on Forex, Commodities, Indices and ETFs markets. He analyses different markets combining the Elliott Wave analysis with Fibonacci tools. He provides a market mid-long-term vision.

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