Bottom line: EURUSD remains bullish against 1.0879.
Technical Analysis:
EURUSD bulls are in control, with the corrective wave close to termination around 1.1050/60 levels. If a more complex corrective structure is unfolding, we might see prices dropping further towards 1.0940 levels before resuming rally into Wave (3) higher. In either case, Wave (3) resumed from 1.0981 levels or is expected to resume from 1.0940 respectively. The overall structure remains bullish until prices stay above 1.0879, the October 01, 2019 lows. EURUSD bulls have managed to print Wave (1) between 1.0879 through 1.1181 levels; which was followed by a potential A-B-C corrective wave that dropped to 1.0981 before turning higher. This could be potential Wave (2) termination that found support around fibonacci 0.618 retracement of Wave (1) and the past resistance turned support zone. If the above count holds well, EURO bulls would continue printing higher highs and higher lows while staying above the 1.0981 mark. Alternately, a drop below 1.0981 could find support at 1.0940 as potential Wave (2) termination. In either case, a high probable trade setup is expected to be on the higher side against 1.0879, with potential target around 1.1500 respectively, moving into Q1 of 2020. EURUSD is trading around 1.1080 at this moment and a shallow drop to 1.1050/60 is possible before the rally could resume further. Please note that a drop below 1.1027 would indicate that the alternate count is coming into play; with 1.0940 seen as potential Wave (2) termination. In general, we are expecting EURUSD to bottom around 1.1050/60 or 1.0940 levels before the thrust rally could be seen pushing prices higher towards 1.1500 at least, moving into Q1 2010. Watch out for a potential bullish reversal around December end or first week January, expecting Wave (3) to resume higher.
Prepared by
Harsh Japee, Technical Analyst
EURUSD Chart
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