1. EUR is in primary downtrend since Feb,18 of which the first wave is completed on 15 Aug,18
2. The second wave is forming an expanded flat A-B-C, wave C of which is under way. You can see a text-book perfection divergence on MACD supporting the idea.
3. 5 waves formation Jan 2-10,19 has just been corrected ~23% with a perfect zigzag A-B-C with A=C. The price ran into upward channel support line.
I don't believe the price will move below 1.145. Most likely a new leg up with 1.162 target at least will be started straight on market open on Monday.
Market was ranging for a pretty long time and stayed under 1.15 since Oct,18 therefore taking of that level had attracted many buyers. Wild correction on Friday spooked some and tight stops placed under 1.15 level have been triggered and accelerated the downward move - easy money for the bankers. Now once the weak stops are collected it is ready for the real move up.
2. The second wave is forming an expanded flat A-B-C, wave C of which is under way. You can see a text-book perfection divergence on MACD supporting the idea.
3. 5 waves formation Jan 2-10,19 has just been corrected ~23% with a perfect zigzag A-B-C with A=C. The price ran into upward channel support line.
I don't believe the price will move below 1.145. Most likely a new leg up with 1.162 target at least will be started straight on market open on Monday.
Market was ranging for a pretty long time and stayed under 1.15 since Oct,18 therefore taking of that level had attracted many buyers. Wild correction on Friday spooked some and tight stops placed under 1.15 level have been triggered and accelerated the downward move - easy money for the bankers. Now once the weak stops are collected it is ready for the real move up.