Usman Salis
⬤ EUR/USD is hanging out just above the crucial 1.158 support zone, and so far it's holding steady. The pair's been consolidating in this area, and as long as this level doesn't break, we could see a nice three-wave rally unfold. Right now, price is basically sitting tight after pulling back, moving sideways in a fairly tight range.
⬤ There's a clear corrective zone marked on the chart where EUR/USD keeps bouncing around without really committing to either direction. This looks more like the market taking a breather rather than gearing up for a full reversal - just smaller moves back and forth while it figures out what's next.
⬤ The wave pattern suggests this correction phase might be wrapping up soon, which could open the door for that upward move - but only if 1.158 holds. Drop below that level and the whole rally setup gets thrown out the window.
⬤ What we're seeing here is pretty typical market behavior - consolidation around a key support level before eventually picking a direction and running with it.
Usman Salis
