Up from May 23 low, wave (i) ended at 1.1215 and wave (ii) pullback ended at 1.1115. Pair then resumes higher in wave (iii) to 1.13068, wave (iv) pullback ended at 1.12, and wave (v) of ((a)) ended at 1.1350. As wave (i) and wave (iv) overlaps, this is an example of a 5 waves leading diagonal.
Short term, pair is correcting the cycle from May 23 low within wave ((b)) in 3, 7, or 11 swing. If we assume that wave (b) is in place then potential target for wave ((b)) pullback can be measured as 100% Fibonacci extension of (a)-(b) which comes at 1.1264-1.1249 area. Buyers can appear from this area during the dips and pair can extend higher in wave ((c)). EURUSD should ideally see more upside against 1.11068 low in the sequences of 3-7 or 11 swings.
Short term, pair is correcting the cycle from May 23 low within wave ((b)) in 3, 7, or 11 swing. If we assume that wave (b) is in place then potential target for wave ((b)) pullback can be measured as 100% Fibonacci extension of (a)-(b) which comes at 1.1264-1.1249 area. Buyers can appear from this area during the dips and pair can extend higher in wave ((c)). EURUSD should ideally see more upside against 1.11068 low in the sequences of 3-7 or 11 swings.
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