EURUSD update (weekly correction expansion assumption)
Since EURUSD has returned from the daily supply zone, the daily correction process is over and the daily downtrend may continue.
However, it is currently a 4-hour bullish pattern, and if the 4-hour upward wave continues, the pattern can be made into a leading diagonal pattern in the form of an impulse. That is, it is a structure that can be expanded from daily correction to weekly correction.
Therefore, even if a retracement comes, I expect it to remain above the blue support line below and rise above the psychological resistance line of 1.0 again and if it settles, it is expected to rise to the weekly supply zone.
This scenario is based on the condition that the dollar index fails to rebound near the daily demand zone, followed by a deep correction.
However, the dollar will continue to rise through the end of the year, and EURUSD is likely to decline in the fall or winter due to natural gas supply risks.
However, it is currently a 4-hour bullish pattern, and if the 4-hour upward wave continues, the pattern can be made into a leading diagonal pattern in the form of an impulse. That is, it is a structure that can be expanded from daily correction to weekly correction.
Therefore, even if a retracement comes, I expect it to remain above the blue support line below and rise above the psychological resistance line of 1.0 again and if it settles, it is expected to rise to the weekly supply zone.
This scenario is based on the condition that the dollar index fails to rebound near the daily demand zone, followed by a deep correction.
However, the dollar will continue to rise through the end of the year, and EURUSD is likely to decline in the fall or winter due to natural gas supply risks.