This pair has surprised many analysist by passing the 3851 level. As you might have seen on the web, about this pair for last a few days, you should notice that many traders thought the trend as a bullish
one, as a b wave of a zig-zag
. But if we consider the small wave ( the green arrow) we could consider it as a end of the a-wave
and the next diagonal could be consider as a b-wave which makes it as end of the zigzag
. so in that case it could be consider the trend as a downtrend for making the 5th-wave. off course there are many thing to keep in mind. One of them is waiting to see what is going to happen to the 3665.0 level. this is the 61.8% retracement
of the a-wave
( yellow trend line
) if this line breaks it shows that we are not facing a zigzag
and we would lost one possibility for a uptrend. of course we still have a possible uptrend if we consider the yellow line as a a-wave
of a flat. In this situation the smartest things to do is being patience.
Good Luck and Best Regards.