EUR/USD: euro is aiming north

EUR/USD: euro is aiming north

On the daily chart, EUR/USD keeps forming the wave 4-5 of the “Widening wave” pattern. In future, 23.6%, 38.2% and 50% of this wave may be used for opening long positions. However, it’s firstly necessary to wait until the wave is finished.

EUR`1.png

On H1, there is a “Spike and reversal with an acceleration” pattern. At the moment, the pair is in the “Spike” phase. The break of a trend line will strengthen the risks of decline towards support at 1.1765, 1.1680 and 1.1580. Never the less, as long as the pair’s above the lower border of the uptrend channel, bulls remain in control.

EUR2.png

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