4 hour
The EUR/USD is probably in an extended correction within wave 4 (blue) when considering the sideways price movement between support (green) and resistance (red).
Currently I’m expecting a longer wave Y (red) because from a time perspective the current wave seems short when compared to wave X and Y (red).
1 hour
The EUR/USD could perhaps be building an ABC (purple) zigzag correction within wave Y (red). The confirmation could be a bearish candlestick pattern at the Fibonacci levels of wave B (purple) or a break of the support trend line (blue). A break above the resistance trend line (orange) and 78.6% Fib of wave B vs A with strong candles could indicate uptrend continuation.
Origin: Admiral Markets
