Bottom line: EURUSD bullish structure is here to stay until prices remain above 1.0778 levels. Immediate resistance is at 1.1095, followed by 1.1240 respectively.
Technical Analysis:
EURUSD seems to have finally carved a meaningful bottom around 1.0778 levels that could be lasting for the rest of 2020. The single currency is firmly into control of bulls since above lows and they remain poised to take out 1.1095 resistance before retracing lower again Possibility remains for a push through 1.1240 resistance before a pullback Looking at the short term wave counts since 1.0778 lows, the EURUSD might have completed lower degree 5 waves at 1.1073 or is very close to completing. A break above 1.1095 from here would be encouraging for bulls and they should be looking to take out the next at 1.1240. The overall wave structure since 1.2555 highs in February 2018 through 1.0778 lows is also a 5-3-5 (A)-(B)-(C) corrective drop. This indicates that the next probability could be another 5 waves up or at least an A-B-C in case of a triangle. In either case, one could expect EURUSD to produce a meaningful rally towards at least 1.1500 and up to 1.1800/1.2000 levels, going forward. Looking further into the drop between 1.2555 and 1.0778, the EURO had initially drop to 1.1300 levels in 5 waves, labelled as Wave (A). Wave (B) unfolded as a triangle structure labelled as a, b, c, d and e respectively. The last drop could be seen as an ending diagonal, labelled as 1, 2, 3, 4 and 5 respectively. If the above counts are correct, EURUSD is expected to produce a rally at least towards 1.1500 levels, the beginning of the diagonal structure. Most traders might be looking to remain long with protective stops at 1.0778 and projected targets through 1.1500 going forward.
Prepared by
Harsh Japee, Technical Analyst.
EURUSD Chart
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