EUR/USD: Ending Diagonal Pattern

EUR/USD: Ending Diagonal Pattern


Wave 5 is likely going to take the form of an ending diagonal pattern. If so, there's an opportunity to have a zigzag in wave [iii] in the short term. The main intraday target is +2/8 MM Level.


There's a pullback from 0/8 MM Level, so we've got an upward impulse, which could be wave ii. Also, wave ii likely ended as a zigzag pattern, so the price is rising. Wave [1] is about to end, so if a pullback from 6/8 MM Level happens little later on, we're going to have wave [2] of iii.




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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