1 hour
The EUR/USD bullish momentum continued strongly yesterday breaking above 1.11 and heading towards the next round level of 1.12. The bullish push can be explained by the wave 3 pattern (purple) which is known for its strong momentum. The bullish momentum could now however reach a moment where it will be retracing for a corrective wave 4 (purple). The Fibonacci levels of wave 4 could act as support.
4 hour
On one time frame higher the EUR/USD could be building an ABC (blue) zigzag which could face resistance at the 88.6% Fibonacci level.
Origin: Admiral Markets
