Is EURUSD Making A Corrective Pullback?
Sep 02 2020
EURUSD is bullish for the last few months and is showing very sharp and strong price action. Normally that kind of personality represents an impulse which is a five wave structure. Well, based on latest developments and price data we think that there is room for more upside as this five wave move can still be unfolding; ideally now only slowing down in wave four. Wave four will very often, find a support at the area of at the previous fourth wave which in our case is around 1.1710, so this can be a very nice support after wave C) of 4, right at the trendline support. I will be observing the price action very closely down there for any evidence of a resumption higher, as next fifth wave can offer new opportunities on the long side as long as market trades above 1.14 area.
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