EURUSD drifts sideways for now. 1.1300 immediate support
The EURUSD continues to drift sideways, trading in a tight range between 1.1350 and 1.1375/80 levels respectively. It could break lower to print yet another low but till the time 1.1213 support stays, EURUSD bulls can make a strong comeback. A short term support trend line is just seen to be passing through 1.1330/40 levels where a bullish bounce could be expected. But is prices break below 1.1270 and subsequently below 1.1213 levels, it would confirm that bears are back in control and wanting to push lower. Another possibility could be that of a triangle formation since 1.1300 levels. If that is the case, EURUSD could be into potential Wave (D) (not labelled here), followed by Wave (E) before reversing lower. Overall we still maintain bullish bias till scenarios become more clear.
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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.
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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