The hourly chart for EURUSD continues to remain constructive for bulls. Prices bounced off 1.1360 levels yesterday as discussed as potential support and it looks like a corrective drop could be complete from 1.1450 levels. Please also note that 1.1360 is the fibonacci 0.618 support of the rally between 1.1302 through 1.1450 levels earlier (not shown here). Looking at the short term wave structure, a lower degree wave i and ii seem to be now in place with wave ii termination at 1.1360 levels. A push above 1.1450 levels would confirm the above scenario and a bottom in place. Alternatively, a drop below 1.1360 could be possible to complete a complex corrective structure, before the rally resumes. Overall, EURUSD bulls remain in control till prices stay above 1.1300 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.