EURUSD holds well above 1.1213 levels
The EURUSD failed to drop below critical support at 1.1213 levels on Friday, unlike the US Dollar Index . This could be seen as a divergence, indicating a potential change in the direction of short/medium term trend. The EURUSD reversed from 1.1270 levels on Friday and is seen to be trading around 1.1325 levels at this point in writing; looking to continue its rally. Looking into the wave counts, a higher degree Wave (C) is still being worked out, within an (A)-(B)-(C) correction. Please further note that if it is unfolding as an expanded flat, prices could rally towards 1.1800/20 levels, before reversing lower again. The above structure could confirm and bulls could accelerate further once prices break above 1.1500 levels. It is a safe strategy to hold long positions till prices stay above 1.1213 levels, with potential targets as 1.1650 and 1.1800 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.
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