The EURUSD structure remains unchanged for now, and as discussed last week the bulls are looking to be poised to push through 1.1800/20 levels at least from here. It seems like a meaningful bottom could be in place at 1.1213 levels and that prices should stay above that, going forward. Also note that a higher low at 1.1270 levels also seems likely in place last week. Looking into the wave structure a minimum 3 waves rally could be expected and prices may exceed 1.1800/20 levels. As an alternate count, the drop from 1.2555 through 1.1213 levels could be an A-B-C (5-3-5) structure and if it holds true, EURUSD could unfold yet another impulse rally at a higher degree. In either case, bulls are expected to remain in control and holding long positions is favored.
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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.