EUR/USD is close to the next strong support zone between 0.9507 - 0.9547 and this could easily be the stop for EUR/USD's corrective decline from 1.6038. A double zig-zag has now taken 14 years as well as a retraced 83% of wave I or A. Once the low of wave II or B is finally confirmed, we can look for a new impulsive rally in wave III or 3 that ultimately will take us above the top of wave I or A at 1.6038.
That said we need to see more signs of a possible low of wave II of B being in place. The first indication of a possible low being in place is a break above 0.9709, while a break above resistance at 0.9907 will be a very strong indication of wave II or B being in place and wave III or C starting to unfold.
Once the low is in place, we should expect a strong rally.
