Trader, analyst and instructor with a 6-year experience

EUR/USD: wave analysis

By Roman Petuchov

Weekly. The market is currently developping a converging horizontal triangle. The final descending zigzag [E] of B is now being built. 

Daily. Last week we've seen a continuation of the corrective wave 4. After that there will be a decline in a wave 5 towards the previous lows. The details can be better seen on the H4 chart. 

H4. Wave 4 seems to be a simple ascending zigzag. The decline could begin after a local low in the wave [c] of 4 will be hit. It is a good point to sell with a short stop order. 

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