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16 April 2018, EUR/USD

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Wave Analysis

Despite the bullish pin bar seen last week, Euro moved just slightly to the upperside but failed to go beyond the short term resistance level 1.2330. As long as this zone is not violated to the upperside, we expect a possible moementum to the lowerside. Our expectations is that the level 1.2444 marked the end of both the impulsive waves (v) and (c) to the upperside, that any movements to the lowerside will be the unfolding of a corrective three wave cycle and should not go beyond the weekly support level 1.1455.

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Graham Osano
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