EURUSD might have carved a meaningful top around 1.1375

2020年7月14日

EURUSD seems to have carved a meaningful lower high around 1.1375 yesterday. The drop from 1.1375 through 1.1330 today could be a lower degree wave 1 (not labelled yet). A potential wave 2 might be complete around 1.1366 a few minutes back. If the proposed counts are correct, EURUSD should extend its drop towards 1.1240/50. taking out initial support at 1.1250. This would also confirm that EURO might be in for a much deeper correction. On the flip side, if it breaks above 1.1375 mark it could test above 1.1420 and also target towards 1.1500 resistance. At the moment, we favor a bearish structure until EURUSD holds below 1.1420 levels.

Remain short, stop @ 1.1400, target @ 1.0930 and further.

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