Bottom line: EURUSD bullish structure remains intact against 1.0879 and it is preferred to consider buying on dips.
Technical Analysis:
EURUSD bulls remain in control after having bounced off 1.1084 lows on Friday. The short term wave counts are suggesting that current rally could be short lived and soon find resistance around 1.1150 if reached. A clear break above 1.1200 is required to confirm that a meaningful bottom is in place at 1.1084. Until then, EURUSD could remain vulnerable for yet another low towards 1.1050/70 or even further. Looking at the medium to long term wave count, EURUSD is expected to remain in control of bulls until prices stay above 1.0879 levels. A larger degree Wave (1) is in place at 1.1180, followed by potential Wave (2) around 1.0980 respectively. If the above count is correct, prices should ideally remain above 1.0980 and continue to print higher highs and higher lows. Alternately, a more complex corrective wave structure could drag prices lower towards 1.0940 levels before turning higher again. In either case, EURUSD continues to hold the bullish structure until 1.0879 lows remain intact. Please also note that any intraday/interday correction should be seen as a buying opportunity, with risk at 1.0879 and projected upside target towards 1.1500 at least. EURUSD is testing the backside of the trend line support broken earlier, which could act as resistance. A more likely support is seen towards the interim support trendline which is passing through 1.1050 levels at this point in writing. It should be noted that EURO bulls have potential to rally above 1.1500 and reach up to 1.1800 and higher. Bottom line remains that 1.0879 support should hold, going forward. Watch out for a break above immediate price resistance at 1.1200 levels to confirm a resumption of its rally towards 1.1500 and higher respectively.
Prepared by
Harsh Japee, Technical Analyst.
EURUSD Chart
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