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LONG EURUSD forms bottom at 1.1257 levels?

The EURUSD reversed sharply after producing an intraday low at 1.1257 levels yesterday. This could be the first confirmation that it has turned higher and could be pushing towards 1.1800/20 levels in the following weeks. Please note that an engulfing bullish reversal candlestick pattern is also complete on the daily chart , indicating a potential reversal ahead. Looking at the lower degree wave structure now, the entire movement that started from November 12, 2018 with EURUSD printing lows at 1.1215 levels through yesterdays low at 1.1257 levels, can be seen as waves i or a and ii or b respectively. Wave (C) can unfold as a potential ending diagonal structure or an impulse; but in either case, prices should be looking up to the north side, till EURUSD remains above 1.1257 levels going forward. We turn bullish again from neutral against 1.1257 levels.

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