On March 9, the EUR/USD pair skyrocketed by 170 pips taking into account an early gap. This surge is a vivid example of what is going on in the market. Usually, the euro trades in a daily range of 40-60 pips. However, at the moment, the price movement reaches 100 pips on a daily basis.

On March 6, the EUR/USD pair gained just 40 base points. However, Monday opened with a gap of another 70 points up and during the first day of the week, the euro has already managed to gain about 70 points. Thus, the uncontrolled increase in the euro-dollar instrument continues, and now, it is very difficult to imagine when it will end and what can stop it.

On March 5, the EUR/USD pair gained about 100 base points and continues to build an upward wave as part of a new upward trend section. Presumably, wave 1. The current wave layout is complicated, as wave 1 becomes too extended.

On March 4, the EUR/USD pair lost about 35 basis points and, thus, presumably, proceeded to build a bearish wave 2 as part of the upward trend section, which, most likely, will also take a three-wave form. If this assumption is correct, then the instrument can begin to decline with targets located near the level of 76.4% Fibonacci.

On March 3, the EUR/USD pair added 40 more basis points and, therefore, continued to build wave 1 as part of a new upward trend section. Yesterday, another unsuccessful attempt was made to break through the 127.2% Fibonacci level, so the probability that wave 1 is completed increases.