EUR/USD:  wave 4 turned out to be bigger

EUR/USD: wave 4 turned out to be bigger


We've got a new local low, so wave 4 turned out to be bigger. Previously, an ending diagonal pattern has been formed in wave [v] of 3. So, there's an opportunity to have just another bullish impulse in wave 5. The main intraday target is 8/8 MM Level.


1/8 MM Level has acted as support, so wave 4 may have been formed like a zigzag. In this case, bulls are likely going to deliver an upward impulse in wave [i]. If a pullback from 4/8 MM Level happens a little later on, we could have a local bearish correction.



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Levels to trade EUR/USD

The price action in EUR/USD has been quite unfavorable for the euro. On The W1, the 50-week MA limited the pair’s advance.

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