EURUSD Is Trading At Strong Support While Finishing A Correction

Jan 15

EURUSD came lower as expected, broke into the fifth wave we talked about last few weeks, and it finally moved into important support levels at 1.02 area. Notice that we are actually tracking the final leg within this downtrend from 2024 high, so ideally its wave C of a higher degree A-B-C correction, meaning that pair can stabilize still some time this month, ideally after the completion of an ending diagonal around important and golden 61,8% Fibonacci retracement. Even RSI is showing a divergence. A bounce in impulse back above 1.0435 will suggest that low is forming.

Jan 31

Trade active

As expected, EURUSD is bouncing from the strong support, so correction can be completed and bulls back in the game, thus watch out for more upside.