EUR/USD: bears going to deliver wave 3
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We’ve got a triangle in wave (Y) of [B], so bears formed a wedge in wave 1. Also, there’s wave 2, which was ended last month. Therefore, the price is likely going to decline in wave 3 in the coming weeks.
As we can see on the four-hours chart, we’ve got a zigzag in wave 2, so the market is declining in wave (i). The main intraday target is 7/8 MM Level. If we see a pullback from this level, there’ll be an opportunity to have wave (ii).
There’s a pullback from 7/8 MM Level, which led to a decline in wave (i). If a pullback from 2/8 MM Level happens, bulls are likely going to deliver wave (ii). If so, we should keep an eye on 4/8 MM Level as an intraday target.