According to the trading experts working for Masterforex-V Academy, EURUSD created another a reference point at 1.3699 – the top of wave B H4. It is logical to assume that this is the starting point for another downswing represented by wave aC. The temporary sloping channel defending the bearish move is the range between 1.3893 and 1.3699.
At this point, the price is fluctuating between 2 temporary sloping channels.
The defensive sloping channel for the bullish move of level Daily 2 is built through 1.3294 and 1.3893.
In order to calculate downside targets, we can use the Fibo grid built on top of the 1.3294 -1.3893 range.
The bearish targets are:
1,3548=FZR of level Н8
1,3523=62 %
1,3435=76 %
1,3365=88 %
The alternative scenario implies a rally with breaking above the top of the temporary sloping channel built through 1.3893 and 1.3699 and forming a FZR (fractal-zigzag reversal) at 1.3699.
The bullish targets are:
1,3721=50 %
1,3761=62 %
1,3812=76 %
1,3852=88 %
1,3893=FZR D2
