Chart of the day

EURUSD is still in the fourth downside wave and is retesting the broken 1.0800 level. A rejection here and a break below 1.0700 will lead to a downside extension and a test of important 1.0480 and will mark the beginning of the fifth wave.

Only in the case of a clear confirmed break above 1.0830, we can see an immediate upside extension to 1.1000. A break below 1.0700 will lead to a complete downside extension and a test of the important 1.04800 upside support

_{Long trades could be opened here only upon a confirmed break above 1.0830. Short trades have a possible better risk to reward and you can open it up on a break below 1.0700 or here if you have more risk aversion but with a narrow stop loss just above 1.0380.}