EUR/USD reversed from support zone Next buy target - 1…
EUR/USD: possible extension in the third wave
There's a pullback from 0/8 MM Level, so wave 4 may have been formed. Therefore, there's an opportunity to have an upward impulse in wave [i]. The main intraday target is 2/8 MM Level, which could be a departure point for a downward correction.
As we can see on the one-hour chart, there's a possible extension in the third wave inside wave [i]. So, the market is likely going to continue moving up, which means we could have a new local high pretty soon.
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.