The EURUSD might have taken most bearish traders by surprise on Friday, having staged an impressive rally exceeding 120 pips from 1.1289 lows. It is still trading comfortably above the 1.1400 mark, but short term pullbacks maybe due. The daily chart has produced an Engulfing Bullish candlestick pattern as well, indicating a potential change of direction from here on. Looking at the wave structure at a higher degree, the expanded flat (A)-(B)-(C) still remains to be intact with prices holding above 1.1218 levels. A Wave (C) rally towards 1.1800/20 levels seems to be more probable with the recent price action developed on Friday. Overall, the EURUSD remains bullish till prices remain above 1.1289 levels from here on.
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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.