The EURUSD pair had dropped to marginal fresh lows yesterday to 1.1460 levels before pulling back. This case was presented as an alternate scenario, and still 1.1450 cannot be ruled out, before the rally could resume. Please note that if EURUSD manages to get past initial resistance at 1.1550 from here, it could a confirmation of a meaningful bottom already in place. On the flip side, a consistent break below 1.1460 levels could also witness a potential drop to 1.1400, which is the 0.786 fibonacci support of the entire previous rally. The latter scenario seems to be less probable though. Overall, medium term bullish potential prevails for now; it only remains to be seen whether bottom forms at 1.1450/60 or 1.1400 levels.
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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.