Euro continued lower to make another low and completed the uptrend from 1.1550 to 1.1850 via a 5 wave impulsive sequence (wave a). The wave correction is very close to finish as I think the pair will try one more leg lower to reach the 50% fibo retracement. So the next potential buying area will be 1.1700 to 1.1715 where we expect new buyers appear in the market to start one leg up to at least 1.1900.
Comment:
As expected Euro made another Low to complete Wave (b). The pair is now within the buying zone and positions can be place around 1.1700+/- 5pips area.