EUR/USD: bearish correction on the way

EUR/USD: bearish correction on the way

Image20170512154739001.png

There's a possible bearish impulse in wave (i), which is in progress. Previously, wave 2 has ended in the form of a double zigzag. Therefore, the market is likely going to continue moving down in wave (i) in the short term.

Image20170512154739002.png

As we can see on the one-hour chart, the price is rising in wave [C] of ii. The main intraday target is 6/8 MM Level. If a pullback from this line happens, bears are likely going to deliver a downward impulse in wave [1].

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Narrowing bearish Ichimoku Cloud with rising Senkou Span A; a dead cross of Tenkan-sen and Kijun-sen, but rising Tenkan-sen; the bulls could breakout the Kijun’s resistance.

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