According to the trading experts working for Masterforex-V Academy, EURUSD is currently retracing within the scope of a bearish move. The closest target seems to be pivot 2, which is a defensive level for the preceding bullish move. It is currently located at 1,3661. In order to initiate a further downswing, it is necessary to break below it with a full-fledged FZR 9fractal-zigzag reversal).
The existing defensive sloping channel for the bearish move is built through 1,3703 and 1,3699. There is a bearish wave –wave A of level m30-h1. The borders are 1,3703-1,3668. There is a retracement represented by wave B m30 (88% of wave A, the top is 1.3699). There is a bullish momentum – a(C ) – built through 1,3699 and 1,3670.
The price already nearly touched the defensive pivot located at 1,3686. The pivot remained unbroken and the price rallied only up to 1.3685.
The upward targets are:
1,3663=88%
1,3661=pivot2
In order to resume the move after breaking the pivot, it is necessary to wait for a FZR. The downward targets are:
1,3648=23%
1,3615=38%
1,3560=50%
1,3526=76%
1,3499=88%
In order to complete the retracement, it is necessary to see a bigger-scale momentum breaking the defensive pivot at 1,3698.
