EURUSD: correction to a bearish impulse wave
Updated
EURUSD has just tested the dynamic support at 1.0590 led through minimum levels of 8-10 Feb. Descending move from the recent peak of 1.0830 may be displayed as 5-wave impulse wave. If this assumption is correct, we would see further euro decline in mid-term.
Test and break above red line in the 1.0630 area would indicate making up of correction move to the bearish wave with the first target at 38.2% Fibo level 1.0680. 1.0710-1.0740 area is a potential zone for resuming short trades on EURUSD.
Test and break above red line in the 1.0630 area would indicate making up of correction move to the bearish wave with the first target at 38.2% Fibo level 1.0680. 1.0710-1.0740 area is a potential zone for resuming short trades on EURUSD.
Trade active
EURUSD has reached the upper range of descending triangle. Expecting next leg up to 1.0680, 38.2% Fibo level and today's pivot level.
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