EUR/USD: developing wave 4

EUR/USD: developing wave 4


There's a developing wave 4, which is likely going to take the form of a zigzag. So, if a pullback from 4/8 MM Level happens, there'll be an opportunity to have a bearish impulse in wave [c]. The main target for wave 4 is 1/8 MM Level.


It seems like we've got an ending diagonal pattern in wave (c) of [b]. In this case, if we have a pullback from 4/8 MM Level, bears are likely going to test 1/8 MM Level, which could be a departure point for wave (i).




Morning brief for May 30

 Growing concerns over Greek bailout, early elections in Italy and comments by the ECB President Mario Draghi about the need to maintain the bank’s extraordinary amount of monetary policy support…

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