EURUSD counter trend into play towards 1.1900

24. Aug. 2020

EURUSD has completed Wave 1 impulse from 1.1965 through 1.1754 on Friday last. Further, the currency has pushed through fibonacci 0.382 retracement levels around 1.1835/40 mark today. This rally could be marked as Wave a, within the proposed a-b-c corrective rally. If the above structure is correct, EURUSD should drop lower to terminate Wave b, before rallying towards Wave c around 1.1900. It would also be the termination of potential Wave 2, giving way to Wave 3 lower.

Short, stop @ 1.1990, target is open


Good luck!