EURUSD progressing into Wave (C) higher towards 1.1800?
The EURUSD is trading above 1.1400 levels at this point in writing, looking to target 1.1500 levels in the short term. As discussed earlier, it took out interim resistance at 1.1400/10 levels yesterday before pulling back lower. Please note that possibility remains for a dip lower towards 1.1340/50 levels, before resuming higher again. Looking at the lower degree wave structure, wave iii , within Wave (C), seems to be in progress at the moment and potential targets could be 1.1650/1.1700 levels. The medium term wave structure remains the same for now, with a potential expanded flat (A)-(B)-(C) unfolding since 1.1300 lows earlier. A push above 1.1500 resistance will confirm and accelerate the rally, going forward. Overall, a safe trading strategy could be to remain long against 1.1213 for now.
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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.
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