[m.youssif]

As noted before, a short term top is formed in EUR/USD at 1.4938. Pull back from there is still in progress and should be targeting lower channel support (now at 1.4377). On the upside, above 1.4675 minor resistance will flip bias back to the upside for retesting 1.4938. But break there is needed to confirm rally resumption. Otherwise, we'd expect more consolidations first, with another fall.

In the bigger picture, whole rise from 1.1875 is still in progress and should be targeting 1.5143 resistance and then 100% projection of 1.1875 to 1.418 from 1.2873 at 1.5279. Current development also affirms the case that medium term correction from 1.6039 was completed with three waves down to 1.1875 and the long term up trend might be resuming. Decisive break of 1.5279 projection target will indicate that rise from 1.1875 is developing into an impulsive wave that should take out 1.6039 high eventually. On the downside, break of 1.3860 support is needed to invalidate this view. Otherwise, outlook will remain bullish.

[m.youssif]

As noted before, a short term top is formed in EUR/USD at 1.4938. Pull back from there is still in progress and should be targeting lower channel support (now at 1.4377). On the upside, above 1.4675 minor resistance will flip bias back to the upside for retesting 1.4938. But break there is needed to confirm rally resumption. Otherwise, we'd expect more consolidations first, with another fall.

In the bigger picture, whole rise from 1.1875 is still in progress and should be targeting 1.5143 resistance and then 100% projection of 1.1875 to 1.418 from 1.2873 at 1.5279. Current development also affirms the case that medium term correction from 1.6039 was completed with three waves down to 1.1875 and the long term up trend might be resuming. Decisive break of 1.5279 projection target will indicate that rise from 1.1875 is developing into an impulsive wave that should take out 1.6039 high eventually. On the downside, break of 1.3860 support is needed to invalidate this view. Otherwise, outlook will remain bullish.