EUR/USD: bears trying to deliver reverse

EUR/USD: bears trying to deliver reverse

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We've got a couple of pullbacks from 8/8 MM Level, so wave [y] of 2 may have been formed. Therefore, we could have a bearish impulse in wave (i) in the coming days. In this case, we should keep in mind 6/8 MM Level as an intraday bearish target.

Image20170526152313002.png

8/8 MM Level is acting as resistance. However, there's an opportunity to have wave ii a little bit bigger, so the last local high is likely going to be broken shortly. Meanwhile, if the price fixates below 8/8 MM Level afterwards, bears will probably try to deliver wave iii of (i).

eur

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