EURUSD could be facing resistance now at 1.1780/1.1820
The EURUSD pair broke above its consolidation structure towards its medium term outlook which is up. Our alternate count of a wave B lower did not materialize for now but prices have moved towards the projected direction. Please note that EURUSD is trading extremely close to the fibonacci 0.382 resistance of the entire drop from 1.2570 through 1.1300 levels. Furthermore, looking into the wave structure, an expanded flat still remains a probability and we would not be surprised to see a probable drop towards 1.1470/1.1500 from here. For now, we are changing our stand from Long to Neutral.
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