EURUSD made a five-wave rally from the 1.118 level labelled as a higher degree wave i, and later found resistance and a temporary top near the 1.142 region, from where a pullback started to unfold.After a five-wave movement fully shows up, a three-wave retracement is expected to unravel, and in this case the pullback can look for support near the 1.1315/1.1270 region (area of former swing highs and lows).
EURUSD, 1h
Now taking a quick glance at the german stock market.
German DAX made a three-wave pullback recently from the 12350 region, where a former wave 1 had ended. We labelled a flat correction in wave 2 that looks to have found support at the 12180 level, from where a new five-wave recovery may have started to from. We see first two legs, i and ii as completed, so current intra-day rise can ideally be wave iii, aiming above 12435 bullish lvl.
German DAX, 1h
