An overview of the
currency markets by 
Hello and welcome back to another week of trading. Pulling up the EUR/USD hourly chart, we have a couple things to point out.
First off, for the people that just want the forecast, there is still room for upward movement (1.4150 - 1.4200 area and above) - however, if you look at our the last part of our chart, it looks like we’re potentially forming a Ending Diagonal, so after it tops, look for a strong movement down - which other analysts have said will happen soon - however, let’s not jump the gun too quickly.
Secondly, some people have emailed us asking if this movement down could be considered an “Impulse” movement. Although it seems like you can clearly count 5 waves from the top, we see that Wave 4 breaks into the area of Wave 1, thus invalidating that this is an impulsive wave.
Some would argue this is a 3 wave corrective and that we are starting to move up again. Only time will tell to see if that theory is correct. Until then, look for the shorter term trade if that fits your trading style.
Good luck and be sure to leave your comments or email us if you have any questions.