On the daily chart of EURUSD we see that price can be ending a big, bearish ending diagonal within sub-wave 5) of A near the 1.100 region, and can once completed push price into a three-wave A)-B)-C) correction towards 1.141 or higher 1.181 region.

A rally above the upper EW ending diagonal line would confirm a completed wave A, and wave B in progress.

EURUSD, Daily

- advertisement -

On the 4h chart we have a closer look at the turning point near the 1.092 area. We can see a completed w-x-y decline within wave 5 of 5), which suggest more upside in upcoming sessions. We are tracking a three-wave rise with wave a)/i) unfolding. Once the following wave b)/ii) correction fully develops, that is when a break above the 1.116 area may follow into wave c)/iii).

EURUSD, 4h

LEAVE A REPLY

Please enter your comment!
Please enter your name here

This site uses Akismet to reduce spam. Learn how your comment data is processed.