As the story unfolds, the EURUSD currency pair retraced lower from initial resistance at 1.1620/25 as discussed earlier. The 1H chart view is still suggesting that EURUSD bulls may still have some steam left and prices could push higher through 1.1740/50 levels, which is the termination of previous wave (4). The current short term correction could terminate around 1.1520/30 levels, before the pair could resume its last leg rally. Please note that wave A of the potential A-B-C correction discussed earlier, might be unfolding as an impulse. If this structure holds well, we could witness a corrective wave B followed by yet another impulse wave C in the coming days/weeks.
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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.