EURUSD crosses 1.1600 levels.
The EURUSD pair has rallied close to 180 pips after printing lows at 1.1432 levels recently. Please note that EURUSD bulls took off two resistance till now, at 1.1550 and 1.1600 levels respectively. Looking at the wave structure, Wave A and Wave B are already in place and Wave C is now progressing, and could unfold into 5 waves at the same degree. At this point in time we are close to terminating a lower degree Wave i which might have terminated at 1.1609 today. If the above structure holds well, we could see a corrective drop (3 waves) towards 1.1500/50 levels as Wave ii, before the rally resumes and accelerates higher. It could be a safe trading strategy to add long positions on dips.
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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.
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