EUR/USD is continuing higher as expected, up from the 1.099 area where a bigger a-b-c correction found support. The latest move looks to be in impulsive fashion, meaning the trend can remain bullish and further gains may follow.

Once a correction fully develops, that is when a new cycle in five legs may follow; in our case, we are now observing waves i and ii of an unfolding five-wave cycle, which are pointing towards the October highs. Wave ii can be near completion.

EUR/USD, 4h