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The market has been declining since a zigzag in wave (ii) ended at the 0.382 retracement level of a bearish impulse in wave (i). So, there're finished waves i & ii and developing extension in the third wave of wave (iii). As we can see, wave ((3)) is over, which means there's an opportunity to make a local upward correction. The main targets for wave ((4)) are the 40 Smoothed Moving Average (SMA) and the 0.236 retracement level of wave ((3)) at 1.1174.
The subsequent pullback from these levels could be a starting point for the fifth wave of wave iii. Thus, we should keep an eye on the 2 multiple of wave i at 1.1120 as a potential target for iii. However, if the price goes through this level, bears are going to reach the next goal, which is the 2.618 multiple at 1.1070. Besides, if the pair breaks the 40 SMA and the current upward correction looks longer than wave ((2)), this scenario will be under pressure.
The bottom line is that EUR/USD remains bearish and we're likely going to see this pair even lower in the short term. The unfolding of wave ((4)) shouldn't take a long time, that's why wave iii of (iii) might be in place by the end of this week.
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