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Long

EURUSD carves a higher low @ 1.0870 yesterday

FX:EURUSD   Euro / U.S. Dollar
EURUSD has rallied over 100 pips after carving lows at 1.0870 handle yesterday. Looking at the short term wave counts, Wave iii of 3 might be progressing since 1.0870, and minimum target could be 1.1250 levels, if it is not an extension. As discussed yesterday, the rally could be sharp and quick to break above 1.1150 interim resistance. EURUSD seems to have carved Waves 1 and 2 earlier around 1.1150 and 1.0775 respectively. Ideally, prices should sty above 1.0775, the Wave 2 termination point. We favor bulls to remain in control and push prices towards 1.1500 as higher degree Wave 3 unfolds. EURUSD remains a good candidate to be bought on dips, as intraday support is seen towards 1.0940 levels from here. Overall, EURUSD remains bullish towards 1.1500, against 1.0636 lows.

Strategy:

Long against 1.0630, targeting above 1.1500.

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