EUR/USD: bulls going to test 7/8 MM Level

EUR/USD: bulls going to test 7/8 MM Level

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As we can see on the Daily chart, wave 1 has been ended on 1/8 MM Level. Therefore, if a pullback from 7/8 MM Levels happens, there'll be a sign that wave 2 may have finished. If so, we should keep an eye on 4/8 MM Level as the next bearish target.

Image20170516145500002.png

There's a developing double zigzag in wave 2. It seems like a bullish impulse in wave (c) of [y] is going to end in the coming hours. The main intraday target is 7/8 MM Level, which could be a departure point for wave (i).

eur

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