The EURUSD reversed sharply after producing an intraday low at 1.1257 levels yesterday. This could be the first confirmation that it has turned higher and could be pushing towards 1.1800/20 levels in the following weeks. Please note that an engulfing bullish reversal candlestick pattern is also complete on the daily chart , indicating a potential reversal ahead. Looking at the lower degree wave structure now, the entire movement that started from November 12, 2018 with EURUSD printing lows at 1.1215 levels through yesterdays low at 1.1257 levels, can be seen as waves i or a and ii or b respectively. Wave (C) can unfold as a potential ending diagonal structure or an impulse; but in either case, prices should be looking up to the north side, till EURUSD remains above 1.1257 levels going forward. We turn bullish again from neutral against 1.1257 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.