The EURUSD almost rallied through 1.1500 resistance yesterday, before pulling back lower. The single currency is seen to be gaining momentum on larger time frames and 1.1270 looks to be a strong support now. It is seen to be trading around 1.1460 levels at this point in writing, looking to produce a pullback before resuming rally. Please note that any intraday or interday pullback/correction should ideally remain well capped above 1.1270 mark. A higher degree wave count ((A)-(B)-(C)) suggests that an expanded flat could be in the making now and it would be confirmed soon as price action unfolds. At a lower degree, wave iii could be underway from 1.1270 levels and could exceed 1.1650 levels going forward. It remains to be seen whether Wave (C) is unfolding into 5 waves or not. Overall, EURUSD remains a buy on dips candidate, until prices stay above 1.1270 levels. Please watch for support coming in between 1.1350/70 levels in case of correction.
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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.