EURUSD is recovering from the lower triangle line, giving us an idea that maybe final leg e of a contracting pattern is in play. In such case, we expect to see a three-wave rally for leg e which can later look for resistance and a bearish reversal near the 1.139 level.
Because of recent drop below the 1.130 region on EURUSD, we started tracking a completed triangle correction and expect to see a new drop into new lows. Particularly we see sub-wave C of B) in play, which can look for support and a bullish turn around the Fibonacci ratio of 123.6/138.2 level.
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