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Eurtrading

LONG EURUSD retraces recent upswing. 1.1289 holds key support.The EURUSD has retraced more than 60% of its recent gains between 1.1289 through 1.1514 levels for now and is seen to be trading around 1.1360 levels. We again present the daily chart wave counts here: The EURUSD dropped into 5 waves impulse between 1.2550 through 1.1300 levels earlier. Since then, it has been consolidating into 3 wave structures and the most likely could be an expanded flat (A)-(B)-(C) as presented here. Furthermore, within the expanded flat, Wave (C) could be on its way towards 1.1800/20 levels if not higher. The lower degree wave counts since 1.1270 suggests that a potential triangle might be unfolding before prices break higher again. Bottomline is that EURUSD should remain above 1.1270/89 levels going forward. Until the range breaks lower, we maintain our bullish bias. 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.
Long
by FXTM
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