Narrowing bearish Ichimoku Cloud with rising Senkou Span A; a new golden cross of Tenkan-sen and Kijun-sen; the prices are tested the resistance if upper border of the Cloud.
Wave (ii) has turned out to be deeper. However, the bearish wave count is still on the table.
The last bullish “Hammer” led to the current upward price movement.
The price is still moving up and down in a range of the developing “Triangle” pattern.
There’s a diagonal tringle in wave c of (ii), which led to form a wedge in wave i of (iii).
The 34 Moving Average and the upper “Window” have acted as a resistance.
Bearish Ichimoku Cloud with horizontal Senkou Span A and B; a cancelled golden cross of Tenkan-sen and Kijun-sen, the lines are in a same value; the prices are supported by bottom border of the Cloud.
On the EUR/JPY daily chart, quotes fell to the lowest level since November 2016…
The main trend is still bearish. The price faced a support at 1.0600, so there’s a developing upward correction.
The escalation of geopolitical tensions supports the euro as the funding currency…
EUR/USD has been hovering around the support line from this year’s lows…
As we can see on the one-hour chart, there’s a diagonal triangle in wave c of (ii).
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