Good day traders!
EUR/USD is unfolding a nice, bullish structure away from 1.1715 level, where blue wave ii found a base. From there we can see that a clear five-wave development unfolded, which is a sign that we are trading in a bullish impulse of a higher degree, and that more upside can follow. Specifically, we see price trading at the end of blue wave three, which may have already found a top at 1.2536 level, from where now a slow and choppy price activity followed. That said, this slow movement can be a corrective wave four in progress, that can see limited downside, and support near the 1.2233 level of a former swing low, and bounce higher.
EUR/USD, 4H
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