EURUSD is consolidating in a potential contracting triangle since hitting 1.1200 highs last week. It is seen to be trading around 1.1135 levels at this point of writing. It may break through 1.1200 level before producing a meaningful correction. Looking at the short term wave structure since 1.0981 lows, the euro has been under bulls’ control of printing new highs and lows. It may reach 1.1230 level at least before correcting lower. Trading point of view, it is recommended to initiate fresh long positions here and also look to add further for higher targets. Probability remains high for a meaningful low to have been in place at 1.0981 levels as well and yet another push through 1.1200 would confirm the same. The trading strategy continues to be buying on dips and the entire structure looks constructive for bulls. Until prices stay above 1.0879 levels, EURUSD is expected to print higher levels towards 1.1500 at least.
Long again and also look to add @ 1.1135, stop @ 1.0879, target is open.
The material has been provided by InstaForex Company – www.instaforex.com