EUR/USD: 7/8 MM Level acted as resistance

EUR/USD: 7/8 MM Level acted as resistance

Image20170908153547001.png

We've got a new high, so wave 5 may have been started. At the same time, wave 4 turned out to be a triangle pattern, so there's a bullish impulse in wave [i] of 5. 7/8 MM Level acted as resistance, which means we could have a local bearish correction in the short term. Nevertheless, bulls are likely going to deliver wave [iii] of 5 afterwards.

Image20170908153547002.png

Wave (v) of [i] has been ended on 8/8 MM Level, so it's time for a correction. The nearest target for wave [ii] is 6/8 MM Level, which could be a departure point for another bullish rally.

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