EUR / USD: weekly wave analysis
Weekly. There continues a development of final wave [E], which is the part of a global сonvergent triangle B.
Daily. Layout of the wave [E] is presented in the chart. The market declines in the pulse 5 of (C) of [E] currently. Let’s observe the layout of this wave on H4 for identification of possible perspectives for a new week.
H4. It’s likely that formation of downtrend impulse 1 and correction of impulse 2 to it was finished. The bearish wave development has already started 3. Continuation of the price drop in this line is expected soon. An approximate structure of the future movement is pointed in the picture.