EURUSD is carving a potential higher low around 1.0900-50 mark as bulls prepare to push through
1.1500 resistance. The single currency pair has bounced off its day low around 1.0945 and is trading
close to 1.0990 at the time of writing.
EURUSD might have carved a lower degree Wave 2 as an expanded flat around 1.0945 today. Earlier,
Wave 1 was complete around 1.1120 level. If the above structure holds well, prices would stay
above 1.0945 and resume higher towards 1.1500.
Even if EURO drops to 1.0900 the corrective structure would remain valid as an expanded flat. It is
not shown here but prices have found its support around the fibonacci 0.618 retracement of the
recent upswing between 1.0800 and 1.1120 levels respectively.
Furthermore, the overall wave structure also continues to remain bullish as EURUSD has bounced off
the fibonacci 0.786 retracement of the larger degree impulse wave between 1.0636 and 1.2350
respectively. Potential remains for the rally to terminate above 1.2350 mark.
Traders might be preparing to initiate fresh long positions around current levels (1.0950-80) with risk
below 1.0800. Initial target is above 1.1500 mark in the next few trading sessions.
EURUSD prepares to rally towards 1.1500
