EURUSD: developing wave [iv]

EURUSD: developing wave [iv]


Wave [iii] might have been formed, so there's a developing wave [iv]. In this case, we're likely going to have a consolidation in the short term. Nevertheless, the market is likely going to continue moving up in wave [v] of 5 afterwards.


The last upward price movement could be wave (b), so wave [iv] is likely going to take the form of a flat pattern. Therefore, we should keep an eye on 7/8 MM Level as the next intraday 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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