EUR/JPY broke key support level 131…
EUR/USD: wave (ii) on the way
Wave (i) has been formed, so there’s time for a correction. It’s likely that wave (ii) is going to end soon, which means we could have another bearish wave in the short term. The main intraday target is 5/8 MM Level.
As we can see on the one-hour chart, there’s a possible flat pattern in wave (ii). Therefore, bulls are likely gong to deliver an impulse in wave c of (ii) during the day. In this case, we could have a new local high soon.
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.