EURUSD proceeds towards 1.1800/20

The EURUSD finally breaks resistance at 1.1500 levels, after consolidating for several trading sessions. Please note that immediate support on the daily chart is now 1.1306, while resistance is at 1.1620/30 levels respectively. Bulls maintain control for now and remain poised to take out resistances going forward. At a lower degree, a 5 wave rally might have completed from 1.1306 levels, hence EURO could produce intraday correction lower before rallying further towards 1.1620/30 levels. At the same time also note that the correction could be shallow with support starting at 1.1470 levels and spreading until 1.1401 respectively. It could be a safe trading strategy to initiate fresh long positions of prices manage to retrace to above levels. The higher degree wave structure remains unchanged for now and bulls are expected to remain in control until prices stay above 1.1306 levels.


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