EUR/USD reversed from support zone Next buy target - 1…
EUR/USD: developing wave (v) of [iii]
The price couldn't fixate above 3/8 MM Level, which means wave (iv) might have been formed, so the price is declining in wave (v) of [iii]. The main intraday target is 0/8 MM level, which could be a departure point for a bullish correction.
Wave (iv) took the form of a zigzag, so there's an impulse in wave i. Therefore, we're likely going to have another downward impulse in wave iii in the coming hours. In this case, we should keep an eye on 5/8 MM Level as the next bearish target.
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.