It was a truly exciting two day events on Tuesday and Wednesday this week where we have a 'gathering' of the major central bankers.
Here are few reasons to believe that EURUSD can see a break above 1.1500 level in the near term -
1) Fundamental - ECB and Draghi are hawkish on the recent development and outlook on Euro; a potential tapering starting 2018.
2) Sentiment / COT - We have been seeing a rise in net position, and more importantly, breaking into the net positive territory for the first time since 2014.
3) Technical - We are seeing a potential formation of a 5-wave structure, with the possibility of a wave 5 up breaking above 1.1500 level.
However, based on Elliott Wave analysis, price has now met the minimum requirement for a wave 3 completion (with confluence to an internal 5-wave structure on a smaller degree), and thus we are first expecting a shallow correction towards 1.1212 - 1.1075 area before another push higher.
This give us a decent area to look for potential buying opportunity targeting above 1.1500.
**Disclaimer - nothing is 100% in trading. Manage your risk and follow your plan.
Here are few reasons to believe that EURUSD can see a break above 1.1500 level in the near term -
1) Fundamental - ECB and Draghi are hawkish on the recent development and outlook on Euro; a potential tapering starting 2018.
2) Sentiment / COT - We have been seeing a rise in net position, and more importantly, breaking into the net positive territory for the first time since 2014.
3) Technical - We are seeing a potential formation of a 5-wave structure, with the possibility of a wave 5 up breaking above 1.1500 level.
However, based on Elliott Wave analysis, price has now met the minimum requirement for a wave 3 completion (with confluence to an internal 5-wave structure on a smaller degree), and thus we are first expecting a shallow correction towards 1.1212 - 1.1075 area before another push higher.
This give us a decent area to look for potential buying opportunity targeting above 1.1500.
**Disclaimer - nothing is 100% in trading. Manage your risk and follow your plan.