EUR/USD is trading in an impulsive recovery [Video]
|Euro is trading higher, it’s recovering with sharp reaction higher since US CPI came lower than expected for October. We see price making extension within wave (3) of a new bullish sequence, which is our primary look because of a broken base channel. So euro can strengthen further, but be aware of some intraday 4th wave pullback from the current Fib resistance here at 1.1050 – 1.1100 area. Also, if the price stays in an uptrend with the current sharp rise, then a higher degree correction from the 2023 highs can be finished. A break below 1.070 will be again bearish for the euro.
For a detailed view and more analysis like this, you may want to watch our latest recording of a live webinar from November 27 below:
Get Full Access To Our Premium Elliott Wave Analysis For 14 Days. Click here.
Information on these pages contains forward-looking statements that involve risks and uncertainties. Markets and instruments profiled on this page are for informational purposes only and should not in any way come across as a recommendation to buy or sell in these assets. You should do your own thorough research before making any investment decisions. FXStreet does not in any way guarantee that this information is free from mistakes, errors, or material misstatements. It also does not guarantee that this information is of a timely nature. Investing in Open Markets involves a great deal of risk, including the loss of all or a portion of your investment, as well as emotional distress. All risks, losses and costs associated with investing, including total loss of principal, are your responsibility. The views and opinions expressed in this article are those of the authors and do not necessarily reflect the official policy or position of FXStreet nor its advertisers.