Now that the FED has finished with it's over hyped 25 basis point rate hike that got more attention then anything has probably in the last century, the USD Bulls have very little motivation to be buying Dollars.
EURUSD has already establish an uptrend courtesy of Mr. Draghi. Support at 1.08 is holding nicely going into the end of the week.
Risk parameters favor the long setup here against lows for a potential relief rally next week.
EURUSD has already establish an uptrend courtesy of Mr. Draghi. Support at 1.08 is holding nicely going into the end of the week.
Risk parameters favor the long setup here against lows for a potential relief rally next week.
Comment:
UPDATE: In the 15min wave count posted below, we have completed wave (C) at 1.0882 and pulled back already in wave (X) to 1.0847 and are now in a new bullish upside structure.
Comment:
1.0980 is an important inflection point for the pair. Strong resistance and a very likely zone to have finished the first upside double correction. While below this level the pair is at risk of a sharp correction. Updated 1H chart posted in the comments section
Comment:
Nice bounce from the 61.8% Fib yesterday, and still holding the Channel. At this point, we can assume the correction has completed and we are back in the uptrend. If the channel breaks it will invalidate the setup. Updated chart posted in comments