Bottom line: EURUSD remains bullish against 1.0879 levels, but expect a sharp correction that may re-test 1.0940/80, before turning higher again.
Technical Analysis:
EURUSD bulls remain in control for medium term rally poised to cross over 1.1500 levels at least, but we remain prepared for a sharp correction lower, before resuming the trend. The overall wave structure since 1.0879 lows remain constructive for bulls to print higher highs and higher lows, going forward. Please note that Waves (1) is in place at 1.1180, followed by a potential Wave (2) at 1.0980 levels respectively. Also note that 1.0980 is the fibonacci 0.618 of previous rally between 1.0879 through 1.1180 respectively; increasing probability of a meaningful bottom in place. If the above structure holds well, prices should ideally stay above 1.0980 and continue higher towards 1.1500, 1.1800 and further. Alternately, if an expended flat is in the making, the correction is incomplete for now and prices may drop further towards at least 1.0980 to terminate Wave (2). In either case, EURUSD remains poised to stage a Wave (3) rally towards the above levels. With last week’s drop between 1.1240 and 1.1123, EURO looks poised to test 1.0980 levels before resuming Wave (3) higher. Hence high probable trading direction could be a drop to 1.0980/1.1100 levels first, followed by Wave (3) higher. It could be safe to buy on dips through the above projected support zone, keeping stops below 1.0879 and targeting above 1.1500 at least. At the same time it is safe to remain partially long, just in case the rally resumes early, and buy further on dips towards 1.0980 respectively. Bottom line is that EURUSD should reach up to 1.1500. 1.1800 and possibly 1.2000 in the coming weeks and months, until prices stay above 1.0879 respectively.
Prepared by
Harsh Japee, Technical Analyst.
EURUSD Chart
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