EUR/USD: price testing 7/8 MM Level

EUR/USD: price testing 7/8 MM Level

Image20170517151527001.png

The price is testing 7/8 MM Level, so wave 2 is about to end. If we see a pullback from this level, there'll be an opportunity to have an impulse in wave (i). In this case, the nearest bearish target will be 6/8 MM Level.

Image20170517151527002.png

There's a developing bullish impulse in wave (c) of [y] on the one-hour chart. It seems like wave iv could be a little bit bigger, so 7/8 MM Level is likely going to act as support soon. Also, this wave count requires confirmation, which is a downward impulse in wave i. So, until price doesn't achieve 6/8 MM Level, the current bullish impulse could move on.

eur

Similar

Bitcoin (BTC/USD): a bottom could be found soon?

The bears were the main protagonists during the past week since the price action remained consolidated below the 200-hour moving average and we have seen that the cycle that we mentioned in previous reports could triple, according to our projections in…

Popular

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…

Deposit with your local payment systems

Callback

A manager will call you shortly.

Change number

Your request is accepted.

A manager will call you shortly.

Internal error. Please try again later

Beginner Forex book

The most important things to start trading
Enter your e-mail, and we will send you a free Beginner Forex book

Thank you!

We've emailed a special link to your e-mail.
Click the link to confirm your address and get Beginner Forex book for free.

You are using an older version of your browser.

Update it to the latest version or try another one for a safer, more comfortable and productive trading experience.

Safari Chrome Firefox Opera