Bottom line: EURUSD bullish structure would remain intact until prices stay above 1.0879 lows.
Technical Analysis:
EURUSD could be progressing in Wave (3) since 1.0981 lows print on November 29, 2019 and bulls should be poised to push higher towards 1.1500 at least, if not further. Only if prices drop below 1.0981, we could witness a more complex corrective structure unfolding and EURO could drop until 1.0940, before finding support. The probability for latter remains less, but being aware would help deciding the risk factor. Looking at the over wave structure since 1.0879 lows, Wave (1) and (2) could be in place at 1.1181 and 1.0981 respectively. The rally since then could be Wave (3) in progress, with lower degree Wave 1 and 2 in place at 1.1116 and 1.1038. If the above structure holds well, we should see prices remain above 1.0981 and push higher towards 1.15 and further; as Wave (3) progresses as an extended one. A break above 1.1145, which is immediate price resistance would confirm the above structure and that EURUSD has formed a higher low at 1.1065. Alternately, a drop below 1.1027 levels would imply a more complex corrective structure since 1.1181 levels. Also note that the next support could be found around 1.0940, which is fibonacci 0.786 retracement of the entire rally between 1.0879 through 1.1181 respectively. Therefore, a more probable trading strategy could be to buy on dips towards 1.1065 and 1.0940 respectively, with stop levels below 1.0879 and potential target above 1.1500 respectively. Long term wave structure reveals that EURUSD might be setting up for a huge rally until 1.0879 remains intact, towards 1.15, 1.18 1.2 and further. Potential also remains to clear above February 2018 highs at 1.2555 levels, to complete a 5-3-5 structure since January 2017.
Prepared by
Harsh Japee, Technical Analyst
EURUSD Chart
MyFxtops 邁投 (www.myfxtops.com) -Reliable Forex Copy Trade community, follow the master for free to trade!
Disclaimer: This article is reproduced from the Internet. If there is any infringement, please contact us to delete it immediately. In addition: This article only represents the personal opinion of the author and has nothing to do with Mato Finance The originality and the text and content stated in this article have not been confirmed by this site. The authenticity, completeness and timeliness of this article and all or part of the content and text are not guaranteed or promised. Please refer to it for reference only Verify the content yourself.
Copyright belongs to the author.
For commercial reprints, please contact the author for authorization. For non-commercial reprints, please indicate the source.
MyFxtops迈投(www.myfxtops.com)-靠谱的外汇跟单社区，免费跟随高手做交易！
免责声明：本文系转载自网络，如有侵犯，请联系我们立即删除，另：本文仅代表作者个人观点，与迈投财经无关。其原创性以及文中陈述文字和内容未经本站证实，对本文以及其中全部或者部分内容、文字的真实性、完整性、及时性本站不作任何保证或承诺，请读者仅作参考，并请自行核实相关内容。
著作权归作者所有。
商业转载请联系作者获得授权，非商业转载请注明出处。
