EURUSD is starting the long-term 3rd wave
EURUSD is confirming a breakout above the long-term falling trend line which has been formed in the 2nd wave pullback to start the 3rd wave higher and it is in running flat correction for an extension higher as you can see on a monthly chart. Based on a breakout above the 1.17500 and 144 EMA we can give the 3rd wave extension higher beginning, a high probability as we are heading to the next 1.3000 resistance test.
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On the weekly chart, we can see a running upside channel above 1.19000. At the moment a sustained bounce of this level is a clear indicator that the recent upside reversal is laid and represents the end of the long-term 2nd wave and the beginning of the 3rd wave. The latest weekly price action is indicating a continuation to 1.30000 in the medium-term.
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We have used the combination of the top-down trading analysis to get these key levels explained in the charts.
