EUR/USD: 6/8 MM Level as important resistance

EUR/USD: 6/8 MM Level as important resistance


6/8 MM Level is likely going to act as resistance once again. If we see another pullback from this line, wave (i) is going to be continued towards 4/8 MM Level. The critical level for this wave count is the high of wave (c) of [y] of 2.


There's a possible developing zigzag in wave ii. So, bulls are going to test 8/8 MM Level in the coming hours. If a pullback from this level arrives, we could have wave [B] of ii. The main target for this correction is 6/8 MM Level.




Morning brief for May 30

 Growing concerns over Greek bailout, early elections in Italy and comments by the ECB President Mario Draghi about the need to maintain the bank’s extraordinary amount of monetary policy support…

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