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

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