EURUSD finally completes impulse drop from 1.1965

Aug 21, 2020

EURUSD has finally broken below 1.1780, the previous Wave 4 and triangle termination. It is seen to be trading around 1.1765 as we prepare this intraday update and should be ready to produce a counter trend rally soon. The wave structure is also looking clear with potential Wave 1 carved around 1.1760 for now. The drop between 1.1965 and 1.1761 is in 5 waves, hence impulsive. This also confirms that EURUSD has topped out around 1.1965 and a counter trend rally should terminate around 1.1880/1.1990 going forward.

Hold on to short positions, stop @ 1.1970, target @ open.


Good luck!