EURUSD bulls in control above 1.1270 level
The EURUSD rally should continue higher through 1.1800/20 levels from here, before any meaningful retracement could take place. Looking at the wave structure, a potential expanded flat (A)-(B)-(C) could be unfolding since 1.1300 lows earlier. More specifically, Wave (C) could be underway from 1.1270 levels and ideally should produce a 5 wave rally at least towards 1.1800/20 levels. As an alternate count, the EURUSD might have completed its (A)-(B)-(C) drop from 1.2555 to 1.1213 levels, and could be ready to resume higher in an impulse wave at a higher degree. Either ways, a typical rally should reach 1.1800/20 levels for now before deciding on future direction. Immediate price resistance is at 1.1500, while support is seen at 1.1270 levels respectively.
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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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