The EURUSD dropped sharply to 1.1290 levels yesterday before finding interim support. It is seen to be trading around 1.1320 levels for now and remains to be seen if the trend line support manages to hold. We could see multiple support between 1.1270 and 1.1290 congestion area that has been tested since last several weeks. Please note that prices did break below the counter trend line support but it is still not a break, and the EURUSD can bounce back. We have adjusted/re-labelled the chart slightly at lower degree with wave i of (C) terminating at 1.1472 and potential wave ii of (C) terminating at 1.1290 levels respectively. Kindly note that interim support still stands at 1.1215 levels and before that around 1.1270 levels respectively. If the above counts hold, we could witness a EURUSD rally towards 1.1800/20 levels as Wave (C) unfolds further.
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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.