The EURUSD seems to have formed an interim top at 1.1569 levels yesterday. It had reached the first potential support at 1.1480 levels before pulling back higher again. With current price at 1.1523 levels. the EURUSD might be underway to form a zigzag corrective drop and extend through 1.1400/20 levels before resuming rally. Please also note that 1.1400/10 levels is also fibonacci 0.618 support of the rally between 1.1306 and 1.1569 levels respectively. A bullish bounce at the above convergence would be considered as extremely favorable for the next rally. The higher degree wave structure remains intact with the EURUSD possible forming an (A)-(B)-(C) expanded flat corrective wave structure with potential higher targets as 1.1800/20 levels at least.
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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.