EURUSD revverses from resistance around 1.1340

2020年7月7日

EURUSD has bounced off the day's high yesterday round 1.1340. The zone was marked as resistance and a potential bearish reversal was expected. It needs to stay below 1.1340/50 mark to keep the bearish structure intact. The potential wave counts since 1.1400/20 are as follows. The drop between 1.1400 and 1.1167 has been labelled as potential Wave 1/A and subsequent rally through 1.1350 has been marked as potential Wave 2/B respectively. Further lower degree waves i and ii are adjusted with respect to the price action yesterday. Alternately, Wave 2/B could be marked around yesterday's high as a flat corrective structure. Either way, EURUSD should be heading lower towards 1.1000 and further until prices remain below 1.1400 levels.

Remain short. stop @ 1.1420, target @ 1.1000, 1.0775 and further.

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