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EURUSD was moving higher in March reaching around 1.1400 levels at the end of the month, which means that the recent push up is part of a complex correction from 1.0518. We see a structure with seven legs, thus a double zigzag that represents wave C-circled as part of a big ongoing triangle that is now in play for more than 12 months. However, despite the uncompleted big wave IV, we think that the upside will be limited and that a new bearish turn could occur in April, probably down into wave D-circled from the current 1.1400-1.1500 resistance zone highlighted on daily chart.

EURUSD, Daily

eurusd d

On the lower time frame, a sharp bounce above 1.1300 last week suggests that bulls can take EURUSD to higher levels and that the big wave C within an  ongoing triangle is still in play. We see the price currently trading around 1.1400 area so obviously the leg up since March 10th is more complex and bigger. We see it as a zigzag that belongs to a complex correction in blue wave C-circled that can stop at 1.1450-1.1500 area this week where we would look for a bearish turn. The bearish cross and divergence on MACD also suggests that the upside is limited.

EURUSD, 4H

EURUSD 4 (1)