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EURUSD Trading At The Beginning Of A Higher Degree Bearish Impulse

On the 4h EUR/USD chart we are tracking a corrective bounce from December lows, labeled as an expanded flat correction. It’s a contra-trend movement in three waves which can be finished based on recent turn down from 1.0775 highs. In fact, we see an ending diagonal placed in wave C of 4) which is a reversal pattern so strong decline may follow, especially if we consider that rise from 1.0340 was slow, so now momentum may pick up and cause a strong fall into wave 5). If that’s the case then current wave bounce can be subwave 2 with resistance seen at 1.0740.

EUR/USD, 4H

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