Consolidation of Euro is expected to continue

06 May 2015, EUR/USD

We witness implementation of the scenario where ascending impulse is developing and the second wave (i) is a wedge. Meanwhile it is too early to state that the model is formed. We supposed that the wedge had been formed whereupon growth had started and this growth was represented by the wave (iii). Though this impulse wave is long drawn and currently internal waves are being formed. In particular, we identify the impulse which now lacks an ascending wave and we wait when this wave will have been formed.

We suppose that potential of growth is significant which is indicated by wave structure. But to be on the safe side, I have put Take Profit on both trades on the level where the wave v of [i] of (iii) is approximately over.

Therefore, in the nearest time we expect that a slight growth will be developed and correction of the pair will follow it.

Consolidation of Euro is expected to continue

Vasiliy Lukin
FreshForex Analyst
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