The EURUSD corrected sharply lower yesterday from sub 1.1500 levels, and went on to print lows at 1.1306 levels, dropping more than 1%. The single currency is seen to be trading around 1.1365 levels at this point in writing, looking to resume its uptrend soon. Please note that the wave structure of the drop looks to be corrective in nature and that bulls are expected to regain control, going forward. Looking at the higher degree wave structure, the EURUSD is either unfolding as an expanded flat Wave (C) as presented here towards 1.1800/20 levels or it has already completed a 5-3-5 drop between 1.2550 and 1.1213 levels earlier and it is ready to produce a 5 wave impulse rally potentially above 1.2555 levels. Overall, bullish momentum to remain until prices stay above 1.1213 levels respectively.
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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.