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 still be in the making, as recent overnight rally suggests that wave C of 4) is still incomplete. That said we see a potential turning point around the 161.8 Fibonacci ratio, where bulls can slow down and bears take over control.
EURUSD, 4H
