4 Hour chart trend: Mixed. Main price point: 1.4176, and 1.4599. Looking for: Wave 4)
On the four hour eur/Usd chart, prices hit new highs during the Wednesday session, as expected with a black wave V) top at the 1.4599 area. Wave C of a blue wave 3) leg should now be completed, and a move lower into a corrective wave 4) is expected. Traders, however, need to be patient about the possible move to the short side as long as the market trades above the black trend-line of the diagonal, shown below. As such, the market needs to trade back below the trend-line, which will confirm that a wave 3) top is really in place. Then we will start to look for a three wave A, B, C move down near to the lower support line of the diagonal.
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