EUR/USD – Assessing Wave Count

• 4H: EUR/USD was in consolidation, possible a wave 4 in the wave a until the market rejected a rally above 1.29. The decline is likely wave 5 of a so a b wave can be expected to follow. That is my preferred count, which would be followed by a wave c. The RSI during this time should mainly stay below 60.

• Day: There is still a bullish count that puts the current decline as wave 4, which should not come down below 1.25.
• However, if this count is incorrect, and we already have a completed wave I, and we are already in wave II, this decline can extend to 1.22.

Fan Yang
Currency Analyst
Commodity Trading Advisor

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