In our discussion yesterday, we had kept an alternate count of yet another potential low, to be open as the corrective rally looked 3 waves. With EURUSD pair pushing above 1.1520/30 level in a rush, the alternate is ruled out for now, indicating a meaningful bottom in place at 1.1301 last week. The daily chart view presented here, instills further confidence into a probable counter trend rally, at least through 1.1750/1.1800. We shall not be surprised to see prices pushing even through 1.2050 level, which is fibonacci 0.618 resistance of the entire drop from 1.2550/70 through 1.1301 levels respectively. Bulls could be now expected to remain in control, until prices stay above 1.1300 level going 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.