After a strong and five-legged decline in 2015, started to trade into bullish, however overlapping, trading out a W-X-Y corrective structure for a higher degree wave B). We see price now at possible resistance and reversal point, at 2.15/2.20 zone, where the upper corrective channel line, and the various Fib. ratios (50.0 and 61.8) can slow the bulls down, and push price into a new higher degree bearish cycle.
A strong drop, and in five legs, also below the 1.935 level, and the lower corrective channel line would be bearish for the pair.
Fusion Media or anyone involved with Fusion Media will not accept any liability for loss or damage as a result of reliance on the information including data, quotes, charts and buy/sell signals contained within this website. Please be fully informed regarding the risks and costs associated with trading the financial markets, it is one of the riskiest investment forms possible.