Wednesday’s FOMC sent EURUSD higher which is in line with the analysis. My preferred wave count is expecting more upside and the Fibonacci expansion tool gives targets of 1.138 (100%) and 1.161 (161,8%) respectively. The advance from the recent low should unfold in 5 waves and when completed, would end the whole larger correction.
On Friday EURUSD made an almost vertical advance and is right at the 100% Fibonacci expansion level. The strong move in EURUSD barely has any pauses and is due for at least a small correction. Since the move is so strong I am looking for more upside and perhaps the 161,8% Fibonacci expansion level at 1.161 is our next target.
EURUSD Daily Chart