Wednesday, November 08, 2017

EUR/USD Is Moving To 1.1490 – 1.1480

EUR/USD continues its corrective move to the downside and the target of the third wave that is part of it (in blue) is around 1.1490 – 1.1480 which is 38.5% Fibo of the impulse rally the pair formed between 1.04934 and 1.20924 from 22nd February 2017 to 8th September 2017.

The following scenarios could occur once the pair reaches the above-mentioned level:
There could be a rally to 1.1695 – 1.1700 or the drop to 1.1401 – 1.1390 could continue. A little below is the support at 50% Fibo at 1.1290. EUR/USD testing that level is not out of the question.

It is still unclear what form the correction will take, but for now the development of three waves down is possible. I think that probably won’t be the end of the overall correction and that after those three waves there will be at least two more.