Daily chart trend: Long. Main price points: 1.4176, and 1.4800-1.4930. Looking for: Wave 5 top
The Eur/Usd is trading higher with some very powerful moves over the last few trading days. These are not characteristics of an ending diagonal, and as such we have re-worked the previous wave count into a more complex fourth wave triangle, with wave E) low at 1.4176. After this low previously the market became very bullish and broke through the upper line of the triangle, which put the wave 5) into play. This wave 5) is not finished yet, as prices have not reached the Fibonacci resistance area, yet. Once the market hits the 1.4800-1.4930 resistance zone, we will be looking for a possible move to the downside, in a five wave pattern from the 1.2329 low that should then be completed.
4 Hour chart trend: Long. Main price points: 1.4514, and 1.4800. Looking for: Wave 5) top
We are looking for a black wave 5 structure on four hour chart, in-line with the daily chart outlook. Wave five is an impulse wave, which means it needs to be sub-divided by a five smaller waves, before we can look for a reversal trend. Currently we are looking for a blue wave 5) leg which may hit the top around the 1.4800 area, where a black wave 5 could be completed. In this case we will be looking for a turning point that should drive the prices down near to the 1.4514 support zone, where a break-out will signal flashes that the top is in.
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