EUR/USD reversed from support zone Next buy target - 1…
EUR/USD: developing zigzag
There's developing wave [iv], which is likely going to take the form of a zigzag. The main target is 7/8 MM Level, which could be a departure point for wave [v] of 3.
There are a bearish impulse in wave i and a zigzag in wave ii. So, there's an opportunity to have wave iii of (c) soon. In this case, we should keep in mind 3/8 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.