Last Friday, the EURUSD pair had made lows at 1.12700 levels before bouncing back. It is seen to be trading around 1.1340 levels at this point in writing after having made an intraday high at 1.1360 levels. It could be possible that EURUSD has carved a meaningful higher low at 1.1270 levels and it is now preparing to push higher towards 1.1650 and further. Looking at the recent wave counts, the EURUSD seems to be carving out a higher degree corrective structure labelled as (A)-(B)-(C)? on the chart presented here. At the moment, Wave (C) is being carved out and a lower degree waves i and ii seem to be in place at 1.1473 and 1.1270 levels respectively. If the aove structure holds to be true, we could witness a sharp rally towards 1.1700 levels as wave iii unfolds. Furthermore, prices should remain above 1.1213 levels if the above structure should remain intact and valid. Overall, a medium term bullish outlook remains intact.
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Disclaimer:
This written/visual material is comprised of personal opinions and ideas. The content should not be construed as containing any type of investment advice and/or a solicitation for any transactions. It does not imply an obligation to purchase investment services, nor does it guarantee or predict future performance. FXTM, its affiliates, agents, directors, officers or employees do not guarantee the accuracy, validity, timeliness or completeness of any information or data made available and assume no liability for any loss arising from any investment based on the same.