Because of recent price developments, we adjusted our wave count and are now looking higher within blue wave C, which could be unfolding as an ending diagonal. Meaning more upside could follow towards the 38.2 Fibonacci ratio, from where a new sell-off may occur.
Euro/U.S. dollar (EUR/USD) currency pair started to trade quite nicely to the upside, towards 1.110 area, after we recognized an ending diagonal in red wave c) of b. That said todays bullish action suggest that blue wave b is completed and that a five wave move in blue wave c may be unfolding. Ideally wave c will continue towards the 50 or 61.8 Fibonacci ratio, from where a new reversal lower may occur.