Will EUR/USD Really Form A Double Bottom?

Last week was rich in important financial news coming from both the USA and the EU and the pair managed to form a pattern that for the moment hints at the presence of a double bottom.

It has reached 1.15097 on 29^th May 2018 and 1.15429 on the 15^th June 2018.

I have already mentioned that I expect the beginning of the second wave of the correction after the impulse rally from 1.03400 (3^rd January 2017) to 1.25556 (16^th February 2018). For the moment the pair has reached a zone where it could find support and the bars on the H1 and D1 time frames are hinting that said zone could really be a strong support and the double bottom will become a reality. If that is a correct scenario then we could expect a corrective long term move north to form said second wave.

In the alternate scenario there could be a corrective move north from the current level to 1.1680 – 1.1800 and then a new depreciation to 50% and 61.8% Fibo of the impulse and only then there could be a major corrective rally.

In the third scenario the pair will continue depreciating to 50% and 61.8% Fibo of the impulse, then it would begin the correction.