EUR/USD: a-b-c correction complete; possible bullish resumption

The EUR/USD pair has pulled-back to a trend-line in a fairly clear a-b-c pattern. From there it has started to rise steadily. The very short-term trend is still on balance probably up, and a break above the current day highs at 0.0880 might provide added confirmation for a resumption of the mini-up-trend after the completion of the a-b-c correction pattern. If so there would be a possibility of a tentative move up to the 1.1032 highs. As I have said in previous analysis pieces a break above the 1.1051 highs could strongly confirm a continuation higher, with an initial target at the R1 Monthly Pivot at 1.1167. Alternatively, a move below the c-wave lows at 1.0803 would probably confirm a break below the trend-line and a probable reversal of the v.short-term trend. This could very well lead to a strong move back down to a target at support and resistance at 0.0710.

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