EURUSD Short Term Upward
Updated
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.
Note
EURUSD has broken out of short term consolidation and appears to be rallying in Wave (3) as forecasted. Upward momentum should carry it to the initial resistance target.
Note
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.
Note
Update to the current labeling.Note
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.
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