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Elliott Wave Analyst

EUR/USD: "Diagonal Triangle" has been formed

EUR/USD: "Diagonal Triangle" has been formed

The price faced a resistance on 6/8 Murrey Math Level (P=200), so there’s a possible ending of wave С in a form of a double zigzag. Therefore, the market is likely going to decline in wave [a] of D. The main bearish target is 3/8 MM Level.

EUR/USD: "Diagonal Triangle" has been formed

As we can see on the one-hour chart, there’s an ended diagonal triangle in wave v of (c). Also, we’ve got a downward impulse in wave i, which could be the first bearish step into wave D. In this case, the price is likely going to reach 5/8 Murrey Math Level during the day.

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