EURUSD is presently in a corrective phase, following the ABC corrective pattern. Analyzing the chart, we can observe that the market has formed an ascending channel, starting from the beginning of the major impulsive wave “I” at 1.0776 and extending to the end of the impulsive phase at 1.0968.
This ascending channel typically indicates a bearish reversal pattern. Based on this analysis, there is an expectation for the market to experience a downward movement, with a target projection of 1.0852. This level is identified as the anticipated drop within the corrective phase.
Origin: FreshForex
