Forex Technical Analysis:EURUSD Meaningful Bottom In Place At 1.0778

Bottom line:  EURUSD bullish structure is here to stay until prices remain above 1.0778 le…

Bottom line:  EURUSD bullish structure is here to stay until prices remain above 1.0778 levels. Immediate resistance is at 1.1095, followed by 1.1240 respectively.

Technical Analysis:

EURUSD seems to have finally carved a meaningful bottom around 1.0778 levels that could be lasting for the rest of 2020. The single currency is firmly into control of bulls since above lows and they remain poised to take out 1.1095 resistance before retracing lower again Possibility remains for a push through 1.1240 resistance before a pullback Looking at the short term wave counts since 1.0778 lows, the EURUSD might have completed lower degree 5 waves at 1.1073 or is very close to completing. A break above 1.1095 from here would be encouraging for bulls and they should be looking to take out the next at 1.1240. The overall wave structure since 1.2555 highs in February 2018 through 1.0778 lows is also a 5-3-5 (A)-(B)-(C) corrective drop. This indicates that the next probability could be another 5 waves up or at least an A-B-C in case of a triangle. In either case, one could expect EURUSD to produce a meaningful rally towards at least 1.1500 and up to 1.1800/1.2000 levels, going forward. Looking further into the drop between 1.2555 and 1.0778, the EURO had initially drop to 1.1300 levels in 5 waves, labelled as Wave (A). Wave (B) unfolded as a triangle structure labelled as a, b, c, d and e respectively. The last drop could be seen as an ending diagonal, labelled as 1, 2, 3, 4 and 5 respectively. If the above counts are correct, EURUSD is expected to produce a rally at least towards 1.1500 levels, the beginning of the diagonal structure. Most traders might be looking to remain long with protective stops at 1.0778 and projected targets through 1.1500 going forward.

Prepared by

Harsh Japee, Technical Analyst.

 

EURUSD Chart

 


MyFxtops 邁投 (www.myfxtops.com) -Reliable Forex Copy Trade community, follow the master for free to trade!

Disclaimer: This article is reproduced from the Internet. If there is any infringement, please contact us to delete it immediately. In addition: This article only represents the personal opinion of the author and has nothing to do with Mato Finance The originality and the text and content stated in this article have not been confirmed by this site. The authenticity, completeness and timeliness of this article and all or part of the content and text are not guaranteed or promised. Please refer to it for reference only Verify the content yourself.

Copyright belongs to the author.
For commercial reprints, please contact the author for authorization. For non-commercial reprints, please indicate the source.

 

MyFxtops迈投(www.myfxtops.com)-靠谱的外汇跟单社区,免费跟随高手做交易!

 

免责声明:本文系转载自网络,如有侵犯,请联系我们立即删除,另:本文仅代表作者个人观点,与迈投财经无关。其原创性以及文中陈述文字和内容未经本站证实,对本文以及其中全部或者部分内容、文字的真实性、完整性、及时性本站不作任何保证或承诺,请读者仅作参考,并请自行核实相关内容。

著作权归作者所有。
商业转载请联系作者获得授权,非商业转载请注明出处。

本文来自网络,不代表迈投财经立场,转载请注明出处:http://www.myfxtop.cn/analysis/24583.html

为您推荐

联系我们

联系我们

在线咨询: QQ交谈

邮箱: myfxtop@hotmail.com

9:30 - 18:00/Mon-Fri
返回顶部