The EURUSD turned track on Friday last and seem to follow up with intraday highs at 1.1444 levels yesterday. Looking at the short term wave structure, it appears that EURUSD might have completed a lower degree impulse wave between 1.1289 and 1.1425/45 levels respectively. Ideally this could be followed by a 3 wave corrective drop, which could drop until 1.1340 levels, the fibonacci 0.618 support of the above rally. Please note that initial support comes in at 1.1373, followed by 1.1365 levels respectively. The larger wave structure remains intact for now with Wave (C) rally unfolding at a higher degree. If the above counts hold good we could see EURUSD rally to potential highs around 1.1750 and 1.1800/20 levels at least. Ideally prices should stay above 1.1289 levels going forward.
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Disclaimer:
This written/visual material is comprised of personal opinions and ideas. The content should not be construed as containing any type of investment advice and/or a solicitation for any transactions. It does not imply an obligation to purchase investment services, nor does it guarantee or predict future performance. FXTM, its affiliates, agents, directors, officers or employees do not guarantee the accuracy, validity, timeliness or completeness of any information or data made available and assume no liability for any loss arising from any investment based on the same.