By Fernando Luna
Daily Chart EUR/USD has broken out over the 1.1062 and is trending to the upside nicely. I have put up a zigzag for now. Minute Circle-a target is at the 1.1249 high and Circle-c should complete somewhere up at the 1.1412
Below is a 1-hour chart. You can see the five waves have complete for Subminuette iii at the 1.1179 This was just short of the 1.1188 which is the 161.8% Subminuette 3vs1. Now we can draw a trend line through the tops of Subminuette waves-i and iii and run it off the 1.0991 wave-ii low to get an idea where wave-iv will complete.
The lower chart is a 10-minute chart. I put in both support and resistance using Fibos. If price breaks to the upside the red retracement levels of the drop down from the 1.1179 should resist. The move up in the Fiber is strong. If remember that the 114 and the 127 are the most important Fib retrace levels once the 1.1179 high is breached.
In the 5-mute chart below you can see that I am expecting a move to the upside. It looks like the pair might have found some ground at the 1.1142 61.8% BvsA and the upper channel I have been tracking this with has just been breached. Let’s see if this has some legs up. But I do think this is dropping more. This supposed 4th wave would be too small for the one we are looking for at Subminuette degree.