EURUSD Corrective Rally Into Play?

16 thg 8, 2018

The EURUSD daily chart is probably producing a Morning Star bullish reversal pattern, after printing lows at 1.1300/01 levels yesterday. As highlighted on the chart view here, the pair could begin its much awaited counter trend rally (A-B-C) from these levels. The existing wave structure is suggesting that an impulse wave lower could be complete at 1.1300 levels yesterday and if this holds well then the next probable wave could be 3 waves correction. The EURUSD could be expected to push at least through 1.1800-1.1950 range, which is termination of previous wave (4). Only a break below 1.1300 levels on a sustainable basis could suggest a delay for the counter trend rally.

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