LONG EURUSD near support again. Bullish bounce from 1.1310/20?

The EURUSD dropped lower below 1.1320 levels early today but is seen to be bouncing back. This could be an ideal demonstration of what sideways or consolidation may seem like. The EURUSD has been oscillating in a consolidation between 1.1270 and 1.1500 levels broadly since last several weeks. As we have been discussing earlier, the bias may be on the north side but till this range remains, conviction would be lacking to commit aggressively. At this moment, with prices around support zone and bullish divergences seen on lower timeframes, it could be safe strategy to go long against 1.1270 levels targeting a potential breakout. Looking at the waves since December 14, 2018 lows at 1.1270 levels, the EURUSD might have produced a complex corrective structure on lower timeframes and if it manages to stay above 1.1270 going further, we could expect the next leg to be higher towards 1.1650/1.1700 levels respectively.


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