EURUSD may drop towards 1.1280 before resuming rally

8 gen 2019

The EURUSD failed to print above 1.1496 levels yesterday, leaving room for a flat corrective drop before resuming higher again. If bulls manage to break consistently above 1.1500 levels, it would confirm that a meaningful low is in place at 1.1306 levels. Looking at the higher degree wave structure, it is safe to remain long and also look to add on dips towards 1.1280 levels. Ideally, prices should stay ahead of 1.1213 levels for the bullish momentum and structure to remain. Please note that the EURUSD is carving an expanded flat corrective rally towards at least 1.1800/20 levels or it is on its way to proceed even higher. In either case, the single currency pair should be poised to stage a rally towards 1.1800 levels at least.


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