EURUSD prepares for Wave C higher towards 1.2140/50

EURUSD continues to unfold its proposed counter trend rally that had begun from 1.1991 lows earlier. The currency seems to have terminated Waves a and b within the a-b-c correction at 1.2100 and 1.2045 respectively. Bulls are preparing to push higher through 1.2140/50 zone, as Wave c unfolds. If the above holds well, a iii of 3 Wave should be underway soon from 1.2140/60 levels. We would be looking towards 1.1600 mark in the next few weeks.

Remain short against 1.2350, towards 1.1600