Actually I am looking for bearish setup for EURUSD for the next week. What makes me a bit confuse is the wave counting. Either major wave B is completed, or not yet complete.
At 4 hour timeframe we can see a clear bearish divergence and if this divergence is valid, then EURUSD will continue its downfall. Smaller timeframe, at 30 minutes timeframe is where bullish divergence is there supported by a bullish continuation candle at 4 hour.
Below is my counting for EURUSD. I am expecting bearish (magenta color counting) where the price should break the lower trendline.
Otherwise, I am expecting bulltrap where EURUSD still in bullish which will target sub wave 5 at 1.3850 then will test 1.3945.
On my chart, the daily candle for the last Friday is not yet closed, about 5 seconds to closed. If the daily candle closed as bearish engulfing, then EURUSD should continue to be bearish. Otherwise, sub wave 5 for cocoa color is not yet ended, and will test again 1.3850.
Nice..banked 105 pips long EURUSD early this morning due to the previous daily candle did not engulf Thursday candle.