EUR/USD: "High Wave" at the local low

EUR/USD: "High Wave" at the local low

1406eurusdh4.png

The price has been consolidating since the last "Inverted Hammer" formed. However, we've got a "High Wave" at the local low. Considering confirmation of this pattern, the market is likely going to test the nearest resistance, which could be a departure point for another decline.

1406eurusdh1.png

The last "Window" has been closed, so there's a confirmed "High Wave". In this case, the price is likely going to test the nearest support level, which could be a departure point for a local upward price movement.

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