EURUSD could move higher to complete minor wave C near 1.1235/50 before continuing lower to end intermediate wave 5 of this bearish move. The said level is the 61.8% FE of the A,B minor waves could be even duplicated, creating higher highs compared to 1.1250.
Look for a valid break above A's top but focus on whether this is an intermediate 4, leading to further declines towards 1.06, or a minor 3, meaning that prices have reversed and the intermediate move down ended.
Stavros Tousios Head of Investment Research Orbex
This analysis is provided as general market commentary and does not constitute investment advice.