The pair is drawing the fourth wave currently.

Today the data released from the EU showed mixed results. For example, the unemployment rate increased, but the consumer price index rose above the projected figure. This balanced the single currency. However, since the beginning of yesterday's trading session, the dollar index began to show a drawdown and moved into a correction, dropping below 94.00.

At the moment, looking at our schedule, we observe that the price reversed from the 1.1530 level throughout the trading session to show growth. Now we can predict that an inverted head and shoulders pattern can form on the chart. Because the basis of this, we believe that it is necessary to hold long positions and set possible goals at 1.1750 and 1.1790.

Be careful, since despite the fact that on the daily chart we see a candlestick absorption pattern, the trend is still downward. We believe that at the moment the fourth corrective wave is formed because the downward movement may soon resume.