Trade # 30: EUR/USD Long (Update)

I am currently long EUR/USD from 1.2700 and 1.2765, with a stop on both positions at 1.2395. You can see my last post on this trade here. I am still hopeful that the trade will progress in my favor, but I need to see a sharp rally in the next day or I will look to unload on a bounce.

Notice that so far, it looks like we have 3-waves down from 1.3080, with WaveC subdividing into 5-waves. The last down wave seems to be an ending diagonal, and RSI/MACD divergence have formed. This indicates that a bounce is in the cards short term. If this brings price back above 1.2800, I will be confident to stay in this trade. Otherwise, I will try to exit on a smaller rise.

Retail investors are once again barely net short, and volume has been very low on this recent drop, so I think the odds are in favor of the rally continuing.

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