EUR/USD 4H chart EUR/USD surged after Powell’s speech on Friday…
EUR/USD: leading diagonal in wave (i)
2022-09-21 • Updated
The price faced with support on 0/8 MM Level, so wave 4 may have been ended as a zigzag pattern. In this case, we're likely going to have an upward impulse in wave [i], so we should keep an eye on 3/8 MM Level as the nearest bullish target.
There's a leading diagonal in wave (i), but wave (ii) hasn't been finished yet. So, the pair is likely going to test 0/8 MM Level, which could be a departure point for wave (iii) of [i].
Let's start off with a look at the Daily timeframe on Bitcoin. We currently see price reacting to the rally-base-rally demand zone between the 15,600 - 14,300 price area. Price also seems to have found support off the trendline support as marked in the image above. Interestingly, this means the overall bias on BTCUSD is Bullish.
Central Bank Digital Currencies (CBDCs) are virtual national money. The idea of creating such currencies came to the authorities after the success of cryptocurrencies, which also exist only in digital form.
The views here are solely based on Technical Analysis techniques using my personal Smart Money approach. Hence, it is important to understand that the trading of CFDs comes at a risk; if not properly managed, you may lose all of your trading capital. To avoid costly mistakes while you look to trade these opportunities, be sure to do your own due diligence and manage your risk appropriately.