EUR/USD: wave 2 on the way

EUR/USD: wave 2 on the way

EUR/USD: wave 2 on the way

Price has been rising since a pullback from 1/8 MM Level happens. Previously a leading diagonal has been formed in wave 1. The main target for wave 2 is 7/8 MM Level, which could be a departure point for another bearish impulse wave.

EUR/USD: wave 2 on the way

As we can see on the four-hours chart, there's a developing double zigzag in wave 2. Wave (c) of [y] is likely going to be continued, so we should keep an eye on 7/8 MM Level as the nearest bullish target.




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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