EUR/USD: bearish wave (iv) about to start

EUR/USD: bearish wave (iv) about to start

EUR/USD: bearish wave (iv) about to start

The price is testing 7/8 MM Level, which previously has acted as a resistance. So, wave (iii) is likely going to end soon. If the market finds a lodgment under 7/8 MM Level later on, there’ll be an opportunity to have a bearish correction.

EUR/USD: bearish wave (iv) about to start

As we can see on the one-hour chart, wave (iii) is taking form of a double zigzag. In this case, wave [C] of y is likely going to end soon. Therefore, we could have wave a or w in the short term, so we should keep an eye on 5/8 MM Level as an intraday bearish target.

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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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