EURUSD – March 18th, 2020

EUR/USD, 12H chart. Wave (2) turned out to be longer, but the low of wave (1) remains untouched, so the bullish outlook is still in force. Previously, we had an ending diagonal pattern in wave (C) of ((B)). Thus, it’s likely that an advance in wave (3) is going to begin in the short term.

EUR/USD, 45Min chart. It seems like wave (2) is over as a double zigzag a little bit above the 0.786 retracement level of wave (1). However, we should wait for a local upward five-wave price movement (possible wave 1) just to be sure that bulls are coming back into the market.

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