The EURUSD has been drifting sideways at several degrees with prices at 1.1450 levels for now. Looking at a lower degree, after carving out a higher low at 1.1306 levels earlier, one can count 3 waves a potential 4th wave is in the making. If the above structure holds true, prices should hold above 1.1380 levels and drift higher towards at least 1.1500 levels, before producing a meaningful retracement. Also kindly note that 1.1306 levels should remain intact for the above to remain valid. At a higher degree as well, after dropping 5 waves from 1.2555 to 1.1300 levels, the EURUSD is drifting sideways, potentially unfolding an expanded flat (A)-(B)-(C) wave structure. Within the above structure, a Wave (C) is being worked out at the moment and if this holds well, we could see a break above 1.1500 levels soon, pushing prices higher towards 1.1800/20 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.