EUR/USD: Price Trading Near Resistance
Gregor Horvat | Feb 12, 2016 05:02AM ET
EUR/USD pair broke sharply to the upside recently which has been technically expected after a completed triangle at 1.0810 area. As such, current leg is an impulse, ideally wave C) of (C) which may face limited upside soon. Keep in mind that whole rally since December is still a three wave move now at equality level. So ideally move is corrective that represents big wave C-circled within ongoing triangle formation shown on daily chart. We suspect that price can turn down from 1.1350-1.14000 resistance area. An impulse down back to 1.1080 will put highs in place.
EUR/USD, 4H
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