EUR/USD: [ii] taking form of zigzag

EUR/USD: [ii] taking form of zigzag


7/8 MM Level has acted as resistance, so there's developing wave [ii]. If the price fixates above 6/8 MM Level little later on, there'll be an opportunity to have just another bullish impulse. The main target for wave [iii] is 8/8 MM Level.


Wave [ii] is taking the form of a zigzag. If a pullback from 3/8 MM Level happens in the short term, bulls are likely going to deliver an upward impulse in wave (i). So, we should keep an eye on 5/8 MM Level as an intraday target.




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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