Good morning traders.
As you all know FED raised interest rates yesterday and USD is trading higher. For now, we still don’t know if the USD trend reversed but in the next few weeks we will have a clearer picture.
EUR/USD is showing us a sharp and strong reversal lower from the highs, which we now see it as the first push lower as part of a minimum three wave decline. That said, current drop is displaying five waves, which means higher degree wave 1)/A) can see limited downside in the near-term.
Once the mentioned wave 1)/A) finds a base, a new three wave recovery can be expected to follow into the following wave 2)/B), with possible resistance zone at previous swing high of wave 4- at 1.1228 level.
EUR/USD, 1H
Disclosure: Please be informed that information we provide is NOT a trading recommendation or investment advice. All our work is for educational purposes only.
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