According to the experts working for Masterforex-V Academy, the currency pair has just finished a potential reversal represented by wave A/B of level Daily1 (1,6602 and 1,6336). On its way down, the price stopped around the border of the outer sloping channel (1,4812 and 1,5853) that belongs to a bigger timeframe.
There is an upswing represented by wave A/B of level H2 = 1,6336-1,6432, which is the current price range. Pivot 2 is 1.6376. When breaking above 1.6432, the price completed a fractal-zigzag reversal (FZR) of level H2 or higher.
Therefore, this is the confirmation of wave B of level Daily1 or higher . On breaking 88% = 1.6570, there will be wave aC/shortened C.
The upward movement is defending the sloping channel built through 1.6336 and 1.6375.
The upward targets are:
1,6432/37=FZR Н2 + 38%;
1,6469=50%;
1,6500=62%;
1,6539=76%;
1,6570=88%.
Now, the downward move needs a bigger-scale wave breaking the defensive sloping channel mentioned above along with the pivot located at 1.6376, with a following FZR in the downward direction.
