Hello traders! And welcome to the US sessions, where we will be looking at German DAX and EUR/GBP. Let’s dig in.

German DAX made a new spike higher, away from the 12900 region, where wave 4) triangle looks to have ended. If so, the current recovery can be the start of a new five-wave impulse that may unfold within red wave 5) in sessions to come. Upcoming rally can later then approach levels near the 13256 region, before making a new three-wave reversal lower.

German DAX, 1H

We see EUR/GBP trading in a three-wave temporary correction labeled as red wave B). We can see sub-waves A and B completed, so recent overlapping activity away from the 0.9022 high can be final leg C, that can unfold as an ending diagonal. A powerful reversal pattern, that can search for support near the Fibonacci ratio of 100.0, and from there make a new sharp bounce higher.

EUR/GBP, 1H