EUR/USD: wave iv going to be continued
Yesterday wave iv was started, so there’s an upward correction on the way. Nevertheless, if we see a pullback from 4/8 Murrey Math Level (P=200), bears are likely going to deliver wave v of (a). If so, we should keep an eye on 2/8 MM Level as a possible target for wave (a).
As we can see on the one-hour chart, bears couldn’t find a lodgement under 1/8 MM Level, which led to the current upward price movement. Therefore, wave iv is likely going to be continued during the day. The main target for this correction is 4/8 MM Level, which could be a departure point for wave v of (a).