The market is going to test the closest support at 1.4069 - 1.4027. If a pullback from these area happens little later on...
EUR/USD rising inside minor impulse wave 5
- EUR/USD rising inside minor impulse wave 5
- Next buy target - 1.1700
EUR/USD continues to rise inside the minor impulse wave 5, which earlier broke through the key resistance level 1.1500 (which was set as the buy target in our previous forecast for this currency pair). The price earlier corrected down to retest the support level 1.1500 – from where the pair reversed sharply up – continuing the active impulse waves (iii) and 5. EUR/USD is expected to rise to the next buy target at the next resistance level 1.1700. Strong support now stands at the aforementioned price level 1.1500.
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.