EURUSD close to terminate 5th Wave around 1.1685/90

11 Agu 2020

EURUSD has been carving lower highs and lower lows since 1.1915 mark. The currency might be terminating a potential Wave 4 around 1.1800 levels. If it is an impulse wave, prices should stay below 1.1840, and continue lower towards fibonacci 0.618 extension, which is seen towards 1.1685/90. The above would complete first impulse drop on the hourly chart and a pullback could be expected thereafter. Initial support is also seen around 1.1700 mark.

Short @ 1.1800/10, stop 1.1880, target @ 1.1690

Good luck!