The EURUSD pair dropped below 1.1300 levels yesterday and print fresh lows around 1.1216 levels before recovering. The currency pair is seen to be trading around 1.1240 levels at this point in writing and needs to break above 1.1500 from here to regain the bullish momentum. Looking into the daily chart wave structure, we have considered an extended 3rd of 3rd wave and presented the counts here. In this case, wave (4) potentially terminated at 1.1820 levels and the (5) th wave potentially unfolded into an ending diagonal , subdividing into 5 waves. If the above representation of counts holds, prices should stay above 1.1172 levels, and produce a bullish reversal. We remain neutral for now and shall await a bullish reversal before changing stance again.
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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.