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19.09.2023 02:44 PM
EUR/USD might have resumed its corrective wave higher towards 1.0950 and up to 1.1000 as discussed earlier. The single currency pair is trading above 1.0700 mark at this point in writing as bulls are looking poised to target above 1.0800 initial resistance. Ideally, prices should now stay above 1.0600 mark and rally through 1.0800 at least in the near term.
EUR/USD has structurally completed its initial wave of its larger degree corrective phase, which had begun dince 1.1275 high in July. The currency pair is now progressing within the second wave, which is expected to reach up to 1.1000-50 range. Thereafter, its third wave lower should resume towards 1.0200 mark.
EUR/USD has taken out a major support at 1.0630 and is now retracing higher before resuming its final wave lower towards 1.0200 level. Initial target could be seen towards 1.0800, which is immediate resistance. A break higher will further encourage bulls to target 1.0950 and 1.1000 levels in the coming weeks.
Potential rally towards 1.0950 and 1.1000 is underway against 1.0600
Good luck!
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*The market analysis posted here is meant to increase your awareness, but not to give instructions to make a trade.
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