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EURUSD Has Still Some Room To The Upside, Before Turning Lower

EURUSD is recovering away from 261.8% where we highlighted the possibility for end of wave 5 that completed an impulsive red wave 1). We know that after every five waves correction follows so we see current price in wave 2) that should be made by three smaller waves. So far we see only one leg up from the low, wave A, so rally is not done yet as we expect more upside after current wave B pullback. Ideally EURUSD will retrace back to 1.1100-1.1150 zone from where downtrend will be expected to resume this month.

EURUSD, 4H

EURUSD, 4H

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