Last week was especially peculiar for currency markets. It seems that the long-term bullish tendency in EURUSD is weakening. In particular, the Daily chart shows that the Main Line of the AO_Zotik indicator has changed colors. This means that within the scope of the latest bullish wave of the corresponding wave level, the current pullback is the last correctional sub-wave. It will be followed by the last upswing and a major reversal.
The mid-term bias may see major changes as well. The directions of the h1 and h4 trends coincide (they are bearish). The S/R line o the indicator has changed colors as well. This means that the current bearish movement is the beginning of a trend reversal.
As for today’s intraday trading, it is necessary to pay close attention to a flattish price movement of level H4. The price has been consolidating since Thursday.
According to the SRP Department of , it is the sub-waves of this flattish movement that should be monitored for signals that could be used to make decent trading decisions.
In particular, there is an ABC pattern of M10-M15 being formed against the existing mid-term trend.
Татьяна Каширская, аналитик отдела "Форекс, курс евро", трейдер кафедры СРП Академии трейдинга Masterforex-V
