The pair has been in volatile price range since breaking sharply downwards from the long term triangle at its Nov 9 high apex.
It has since traced out a series of wide range movements both up and down.
At present, the chart pattern appears to be tracing out the final wave c (circle) of an uncompleted expanded flat.
The pattern is not ideally text book shaped but this is the most probable interpretation at the present context.
The minimum projection for completion of wave c to be the high of wave a (circle).
There are multiple resistance layers near the TP which could terminate EURUSD's upward retracement.
It has since traced out a series of wide range movements both up and down.
At present, the chart pattern appears to be tracing out the final wave c (circle) of an uncompleted expanded flat.
The pattern is not ideally text book shaped but this is the most probable interpretation at the present context.
The minimum projection for completion of wave c to be the high of wave a (circle).
There are multiple resistance layers near the TP which could terminate EURUSD's upward retracement.
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From the low at 1.03403, EURUSD has traced out an clear ending diagonal.
The labelling has been revised in view of the clearer price actions.
The ending diagonal is in the final stages of its upside.
Upon completion, the Wave 3 of 3 will bring EURUSD back to parity and more.
Watch out for critical resistance at 1.08054.
The labelling has been revised in view of the clearer price actions.
The ending diagonal is in the final stages of its upside.
Upon completion, the Wave 3 of 3 will bring EURUSD back to parity and more.
Watch out for critical resistance at 1.08054.
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Update to the current labeling.
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Looking at the break of the ending diagonal, EURUSD appears to have topped.
The downside to this interpretation is the slow and choppy wave down.
Will be looking for a 3-wave upward retracement to correct the initial down wave.
Any break above the ending diagonal high implies more upside to go before completion of any left over upside momentum.
The downside to this interpretation is the slow and choppy wave down.
Will be looking for a 3-wave upward retracement to correct the initial down wave.
Any break above the ending diagonal high implies more upside to go before completion of any left over upside momentum.
Upward momentum should carry it to the initial resistance target.