EURUSD bulls poised to push through 1.1800/20 levels

2 Jan 2019

The EURUSD structure remains unchanged for now, and as discussed last week the bulls are looking to be poised to push through 1.1800/20 levels at least from here. It seems like a meaningful bottom could be in place at 1.1213 levels and that prices should stay above that, going forward. Also note that a higher low at 1.1270 levels also seems likely in place last week. Looking into the wave structure a minimum 3 waves rally could be expected and prices may exceed 1.1800/20 levels. As an alternate count, the drop from 1.2555 through 1.1213 levels could be an A-B-C (5-3-5) structure and if it holds true, EURUSD could unfold yet another impulse rally at a higher degree. In either case, bulls are expected to remain in control and holding long positions is favored.


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