At the end of March the E/U hit the M-M4 target I mentioned in my prior post on this pair. Also at that price happened to be a minor wave c target of the 21.4 fib alternate projection. No shock that was a big take profit zone for the month.
So now what? Going to need price action & news possibly to give some further clues. Action could be slower until NFP.
Price has come into a role reversal support zone
Stoch is OS
The 21-55 macd is bullish, above ‘0’ line
Monthly stoch still OS with a new cross to the upside
If the 21-55 macd crosses ‘0’ line a bullish move could be underway confirming a daily stoch cycle just as it did last week in blue. If price makes a new low that won’t happen.
Stoch is OS. That’s 3 time frames of bullish momentum possibly.
Price has held near the W-M2 zone thus far this week. W-M4 is 200+ pips away for mid week so seems a bit far?
M-PP is the resistance to break, W-PP would be a like target initially
Lets see how it plays.