Since the completion of wave III, the EUR/USD has corrected within wave IV. Since wave II was a simple correction, a 5-wave triangle pattern is favored to form. Bullish hourly diverging studies completed wave a on Wednesday. This produced the latest wave b rally, which may or may not have been completed on Thursday. Depending on Monday's price-action, wave c is anticipated to extend corrective weakness to EUR1.3650. Wave d could potentially arrive towards the end of next week to possibly set-up the terminating wave e. This could potentially take the EUR/USD to the key 1.3560 level in which I have highlighted over the last few posts. If, however, the current rebound reclaims the 1.4155 high, then the complex triangle scenario is compromised.
