EUR/USD finished 5 waves up with a rising wedge. Since the DXY broke its falling wedge to the upside, there is a very high probability that EUR/USD may retrace to the 38.2% Fibonacci level which is also the bottom of the rising wedge at (1.2051) before continuing its way to the upside, but this scenario will only be activated if EUR/USD manages to break below 1.21622.
If EUR/USD also breaks 1.2051, we could see it retesting the previous wave 4 at 1.1984 which is also the 50% Fibonacci level, but keep in mind that this scenario will only be activated if the price breaks below 1.21622. I am still bullish on all major currencies long-term.
If EUR/USD also breaks 1.2051, we could see it retesting the previous wave 4 at 1.1984 which is also the 50% Fibonacci level, but keep in mind that this scenario will only be activated if the price breaks below 1.21622. I am still bullish on all major currencies long-term.