EURUSD: Temporary Pause Before Headed Higher Again

4 Jan 2023

EURUSD has been in a nice and strong recovery from 0.9730 from where we can count five waves up, up into wave 3 from where we have seen a nice reversal south as expected. We see this as a contrat-ternd reaction on the 4h chart. It's wave 4 that is now already in a subwave c so there can be some support coming in, in the next few sessions. The first one is at 1.0440, while the deeper supports are at 1.0293. We will expect a bounce up into fifth wave this month.
GH