EUR/USD May Test 1.1600-1.1570 Support Before Resuming Uptrend

Technical analysis of Forex market

EURUSD is coming higher very nicely back towards 1.1663, the former lows, after a bottom formation at 1.1520/25 area that we recognized because of a five-wave drop and break out of a downward channel. There was also a bullish divergence that was pointing higher at the time.

It seems there can be more gains coming, but after a pullback, if we consider that structure from 1.1524 can also be a leading diagonal. Support is at 1.1600-1.1570.

EUR/USD 4h Elliott Wave analysis