EUR/USD: wave analysis for Jan. 12-16
Weekly. The pair markup was changed as the pair continued declining. Most likely, we’ll see the development of a global wave plane B, within which EUR/USD is building bearish impulse [C] of B. Consider the layout of this wave.
Daily. The wave [C] is a classic 5-wave model, within which at the moment EUR/USD is developing the descending impulse (5) of [C]. Most likely, the drop in prices will continue this week.
H4. Detailed markup shows that a small correctional wave 4 of (5) has started to unfold. It’s very likely that the wave 4 will take form of sideways trend, but when it’s complete, the movement of the bears down will continue, as indicated at the picture.