The EUR/USD seems prepared for one more leg down to test the 1.16 support zone before continuing with the uptrend.
The arguments in favour of a larger bearish correction include:
- The EUR/USD completed 5 bearish waves
- Price showed divergence between the tops
- Price is moving with the trend in a corrective way
Check out the video to see the confirmation level, invalidation zone, and trade ideas for the EUR.USD.
Chris also analyses the USD/JPY and GBP/USD.