EUR/USD reversed from support zone Next buy target - 1…
EUR/USD: developing wave (i)
The price hasn't fixed above 4/8 MM Level, so wave [c] of 2 may have been ended. Therefore, there's developing wave (i). If we have a pullback from 3/8 MM Level, bulls are likely going to deliver wave (ii).
6/8 MM Level has acted as resistance, so there's a bearish rally, which could be developing wave (i). If this wave forms like an impulse, we're likely going to have the market even lower right after an upward correction.
We've got a bearish "High Wave", which has strong confirmation. In this case, the price is likely going to decline.
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…
The 144 Moving Average has acted as support, but there's a bearish "Engulfing' at the local high.