EURUSD is likely to expand with a monthly correction process like GBPUSD and AUDUSD. The most obvious AUDUSD is running first.
EURUSD will rebound from the 4-hour demand zone, continuing the 4-hour uptrend. If the 4-hour correction trend line is broken, a retracement will occur according to the daily correction. At this point, we expect the low to be the starting point for a new upward wave. However, if this retracement is large, or if it fails to rise above that blue support line again, the pattern will change and this scenario should be corrected.
EURUSD will rebound from the 4-hour demand zone, continuing the 4-hour uptrend. If the 4-hour correction trend line is broken, a retracement will occur according to the daily correction. At this point, we expect the low to be the starting point for a new upward wave. However, if this retracement is large, or if it fails to rise above that blue support line again, the pattern will change and this scenario should be corrected.
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Disclaimer
The information and publications are not meant to be, and do not constitute, financial, investment, trading, or other types of advice or recommendations supplied or endorsed by TradingView. Read more in the Terms of Use.