It doesn't make much sense to analyze the monthly context, it still lacks a week at the closing candle, but we wanted you to notice the "corrective structure" in play: If you look at the impulsive leg "BC" (yellow-green), formed between 2013 and 2014, we can see that the ABC
corrective structure (blue), has developed a bearish
impulsive swing till 1.0425. In the second half of the year we can expect an additional ABC
corrective swing with potential target around 1.18/1.22. Most likely the FED will raise interest rates in 2016 and this could support a continuation of a technical rebound on eurusd
. Friday, the pair has reached the key support at 1.09, if it will maintain this area, we can expect a rebound, instead we will see a re-test of the lows.
Look at our Medium.Long Term Analysis:
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