EUR/USD reversed from support zone Next buy target - 1…
EUR/USD: "High Wave" at the local low
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.
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.
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.