EURUSD 4H Hints Short Term Bottom Formation?
The EURUSD pair's short term wave setups have been highlighted here. The termination point of wave ((4)) (higher degree) of the proposed triangle was around 1.1740/50 levels. We could count an impulse drop from there towards 1.1301 levels. This lower degree wave structure might be indication that a short/medium term potential bottom could be in place at 1.1300 levels. If the above structure holds well, EURUSD could see a meaningful corrective rally through 1.1520 and up to 1.1840/50 levels as highlighted through potential Fibonacci extensions here. Yesterday's intraday push higher, could be the first leg of the proposed counter trend rally.
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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.
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