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.




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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