In spite of the fact that EURUSD dropped below 1.1432 interim support yesterday, the medium term wave structure looks constructive for the bulls to take over. Please note that we would focus on 1.1300 levels to hold in the next few trading sessions and watch out for a lower degree rally (5 waves) to confirm a bullish stance, against support at 1.1300 levels. Looking into the counts, the most probable could be an a-b-c A and a-b-c B wave, probably complete. Furthermore the fibonacci 0.786 support zone is just seen passing through the price action at the moment. Immediate price resistance is at 1.1620 for now and conservative strategy would be to allow break above that before buying dips. Ideally, a lower degree impulse could be a better entry point.
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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.