Here is an hourly chart of the EUR/USD currency pair. The AUD/USD reached a new high over the last session and I expect the EUR/USD to be not too far behind. A flat may be unfolding which means there the is still at least another impulse up to go for the Euro against the Greenback in the next few weeks after a C leg down. I have zoomed in on the marked section in the next chart to show you more detail. Divergence in RSI also favours the bears.
The 15 minute chart above shows the recent price action in the pair. As you can see waves 1 and 3 are almost exactly the same size. This means wave 5 is likely to extend. This would coincide well with a throw over which is common for ending diagonals. I think price will likely spike to 1.5130 after a break through the recent high at 1.5063 before a sharp pullback starting wave C down. Alternatively it is possible that wave 5 will only be 61.8% of wave 1 and not be able to break through resistance. Pulling back just beneath the recent high.
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