EURUSD Update II: Price Is Higher As Expected
Dec 04 2015
EURUSD turned sharply up from the low yesterday after the ECB press conference, but this move has been technically expected even ahead of the ECB decisions as we identified an ending diagonal in wave 5) of (3). We know that ending diagonal usually causes a sharp and aggressive turning point so current move up is not a surprise. We see leg up as wave A), part of a minimum three wave rally in wave (4) that can reach even 1.1070 this month. However, in the next few days we may see a retracement down in wave B) back to around 1.0760; potential support. Nothing moves in straight line.
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