EURUSD – March 16th, 2020

EUR/USD, 12H chart. There’s a huge upward impulse, which supposed to be wave ((A)). The following decline in wave ((B)) has finished as a zigzag, which reached the 0.786 retracement of wave ((A)).

Considering a pullback from this level, there’s an opportunity to have an advance in wave ((C)). If correct, the market should break the high of wave ((A)) at 1.2563 in the coming months.

EUR/USD, 45Min chart. As you can see, the price has tested the 0.618 retracement level of wave (1). Thus, it’s likely that wave (2) might have been in place as a double zigzag pattern. A five-wave advance, which could be wave 1, will confirm the bullish outlook.

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