EURUSD rally to accelerate. Bullish against 1.1300

2 nov 2018

Finally, the EURUSD price action confirms a potential bottom formation at 1.1302 levels, just shy by 1 pip of the past swing lows. The 4H chart wave structure also looks good with Waves A and B complete and Wave C rally resumes from 1.0302 levels. The EURUSD is seen to be trading around 1.1425 levels for now, and looks to have completed its first impulse wave at a smaller degree. If the above structure should hold good, we could see a corrective drop lower in 3 waves, towards 1.1350/55 levels going forward. That could be labelled as a lower degree wave ii, before wave iii resumes and pushes prices higher towards 1.1620 levels at least. Overall, bulls remain in control for now and outlook seems bullish for medium term.


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