EUR/JPY broke key support level 131…
EUR/USD rising inside minor (b)-wave
- EUR/USD rising inside minor (b)-wave
- Next buy target - 85.70
EUR/USD continues to rise inside the minor (b)-wave which started earlier – when the pair reversed up from the combined support zone lying between the support level 1.1700 and the 38.2% Fibonacci correction of the previous sharp upward impulse from the start of July. EUR/USD is expected to rise further to next buy target at the next resistance level 85.70 (high of the impulse wave (i) and the target price calculated for the completion of the active wave (b)).
There isn't any reversal pattern so far. If the 21 MA acts as resistance, we're likely going to have just another decline...
Expanding bullish Ichimoku Cloud with rising Senkou Span A; a cancelled golden cross of Tenkan-sen and Kijun-sen; the prices are returned to the support of Tenkan and Kijun and may go higher.
Narrow bearish Ichimoku Cloud with horizontal Senkou Span A and B; a golden cross of Tenkan-sen and Kijun-sen, but the lines are horizontal; the Bulls can’t breaking out the resistance of upper border of the Cloud and the market may return to 113.00.