4 hour
As expected the Federal Reserve (Fed) left the interest rates unchanged for the US, which caused the US Dollar to weaken against multiple currencies, including the Euro. Prior to the FOMC statement in the US, the EUR/USD retraced back to the 23.6% Fibonacci level of wave 4 vs 3 but price bounced strongly soon after. The EUR/USD has now reached the 1.1750 resistance level and a break above it could see price challenge the Fibonacci targets of wave 5 vs 1+3.
1 hour
The EUR/USD completed a wave 4 (orange) retracement and is now building strong bullish momentum. This is probably part of a wave 3 (grey) within wave 5 (orange). Once the wave 3 is completed, it is likely to see a wave 4 and 5 (grey) continuation.
Origin: Admiral Markets
