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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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.