EUR/USD: price couldn't fixate below 8/8 MM Level

EUR/USD: price couldn't fixate below 8/8 MM Level


The market couldn't fixate below 8/8 MM Level, so there's developing wave 5 of (C). Previously, we had an extension in wave 3. Therefore, the last high is likely going to be broken soon.


Wave 4 took the form of a zigzag, which led to the current upward price movement. The main intraday target for wave [i] is 7/8 MM Level, which could be a departure point for wave [ii] of 5.




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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