EUR.USD Trade Idea (Wolfe Waves)

The EUR.USD is very close to my heart.

Consuming in Euros while living in France, paying French taxes (and French gasoline prices) drives me to subconscious conversion between Euros and Dollars. I’ve written about the 10$ per gallon prices at the pump (here). But with the crisis unfolding and the VIX spiking this morning, I’ve been looking for good trades in the EUR.USD, Gold and Silver.  One possible interpretation, using the Wolfe Waves methodology would target $1.17 – $1.20 for a bounce and with some consolidation an entry in between $1.19 and $1.22.

Here’s the chart.

Euro US Dollar Chart 1 Yr.

Wolfe Waves is a particular methodology that I have in mind from a book titled Street Smarts by Connors and Raschke. If I have more time tonight I’ll explain the methodology.