Week3: EURUSD will rise

It's time for the weekly check-up!

After the previous week was very bullish, this week was more of a correction.
The expectation of a rise of the fund rates has been corrected from june to december and therefore we saw high volatility in the crossrates.

Now lets take a look closer.
If you look at the following you see a mess. A lot of overlaps and a strong spike (labeled as (i) in green). After that we see again a strong move upwards in 5 waves (small i-v in green). The complete move has been labeled as i in blue. This move didn't top the previous (i), but the irregular correction wave b (in red) did.
From the low ii in blue we see again a rise up and a correction in progress. This correction should find support at the 0.618 fibo.



For all fans of candlestick patterns -> on the daily we see a doji.



As you may know. I'll post comments and do a weekly check-up, so stay tuned!

Happy trading!