Bottom line: EURUSD corrective phase may continue further towards 1.1050 at least. Look for opportunities to buy lower against 1.0879
Technical Analysis:
EURUSD continues its intermediary down trend since 1.1240 highs print on December 31, 2019. The wave structure since 1.1183 highs might be unfolding as an expanded flat. This probability was discussed last week and prices might correct up to 1.0980 before terminating Wave (2). The overall structure since 1.0879 lows still remains constructive for bulls and this corrective phase should be used as opportunity to build further on the long side. The line in sand for bulls is 1.0879 lows, print on October 01, 2019. We have been calling for an extended bull run since October 2019, having potential to push through 1.1500, 1.1800 and further. The higher degree wave counts are also suggesting that Wave (1) terminated at 1.1183 earlier. A potential Wave (2) might be still unfolding and could re-test 1.0980 before Wave (3) rally could resume. We have marked a potential support zone between 1.1010 and 1.1050 levels, please be watchful for a bounce there. It is safe to look for opportunities to buy on dips and avoid going counter trend for now. The EURUSD is trading close to potential bullish turn and an ideal trade setup is to buy around 1.1010/50. Protective stop loss would still remain at 1.0879 with upside targets seen through 1.15/1.18 at least. Please note that EURUSD bulls remain poised to push further towards the 1.2 handle. A push above 1.25 could complete a 5-3-5 wave structure that began on January 03, 2017. Looking at the larger picture, it is good to remain long and buy further on dips through 1.1010/50 as potential Wave (2) terminates. A drop towards 1.0940 also remains possible and should be seen as opportunity to go long.
Prepared by
Harsh Japee, Technical Analyst.
EURUSD Chart
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