The EURUSD dropped lower towards 1.1432 levels yesterday before pulling back sharply. The intraday drop got traders caught unaware and many might have gotten on the wrong side of the trade. Believe it or not, that low could be the last low for Wave B to terminate and it could stay intact for several weeks to come. Also please note that initial resistance has been taken out at 1.1500 levels with prices breaking into the north side of trendline resistance as well. A potential wave count could be a smaller degree wave i until now (not labelled here). If the above structure is true, we could witness a dip intraday towards 1.1460/70 levels before the rally could resume towards 1.1650 and 1.1830 levels as short term potential price targets. We continue to hold our stance on the long side.
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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.
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.