EURUSD Reversal?Price hit a D extension to the downside off of a shallow retracement to the upside and stalled out at the 1.18 and 1.27 D extension.
I believe there is a possibility for long-term price to travel to the daily 61.8 fib level before a continuation to the downside.
I think we will see a short-term buy opportunity to 1.17500 first and if it breaks, there may be potential for more room to the upside before a continuation to the down side.
Eurusdcorrection
ORBEX: EURUSD - Correction Likely To End Soon! Then Going For 5?EURUSD could move a tad higher to complete minor wave 4 near 1.1145 before continuing lower. The said level is the 1.618% FE of wave 1/2 correction and also the 50% FR of minor waves 2/3.
Look for a valid breakout below 1.099 for medium-terms shorts but keep a cautious eye on short-term longs as the correction could end soon.
Should prices move above 1.1194 it should be received as an early sign of invalidation.
Stavros Tousios
Head of Investment Research
Orbex
This analysis is provided as general market commentary and does not constitute investment advice.