EURUSD: possibly tough below 1.16, then bounce
EURUSD moved below 1.17 and reached the initial target.
As the wave (3) target is reached, it is possible that the bounce will start soon.
However, the current wave 5 seems developing as an ending diagonal and possibly going lower. If that will be the case, we may briefly see EURUSD to breach 1.16.
Potential target Fibonacci cluster:
(1) Wave 5 = 1.618 x Wave 1: 1.15743 (usually, Wave 5 = Wave 1, but in the extended wave, it can take 1.618 multiple)
(2) Wave 5 = 0.618 x Wave 1~3: 1.1592
(3) 2017 November low resistance = 1.5539
Once Wave 5 is over, the price may recover to the previous Wave 4. Let's discuss more as the waves will develop.
More charts can be found at white6intelligence.com
As the wave (3) target is reached, it is possible that the bounce will start soon.
However, the current wave 5 seems developing as an ending diagonal and possibly going lower. If that will be the case, we may briefly see EURUSD to breach 1.16.
Potential target Fibonacci cluster:
(1) Wave 5 = 1.618 x Wave 1: 1.15743 (usually, Wave 5 = Wave 1, but in the extended wave, it can take 1.618 multiple)
(2) Wave 5 = 0.618 x Wave 1~3: 1.1592
(3) 2017 November low resistance = 1.5539
Once Wave 5 is over, the price may recover to the previous Wave 4. Let's discuss more as the waves will develop.
More charts can be found at white6intelligence.com
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