EUR/USD: ending diagonal pattern

EUR/USD: ending diagonal pattern


It seems like wave (E) of [B] is about to end, which means a bullish impulse in wave C of (E) is going to finish soon. If we have a pullback from 7/8 MM Level, there'll be an opportunity to have a downward price movement towards 6/8 MM Level.


There's a possible ending diagonal pattern in wave [v] of C. Wave (v) of [v] is likely going to be continued, so we could have a new local high in the short term.


As we can see on the one-hour chart, wave (v) of [v] is taking the form of a zigzag. So, we're likely going to have another bullish impulse in wave c of (v). The main intraday target is +1/8 MM Level.




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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