EURUSD- Wave C to start

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 EURUSD Weekly chart


As seen in the above chart, prices are moving in a broad range of 1.02 on the lower side and 1.13 on the higher side. Not so long ago, the pair found support from 61.8% retracement from the previous rise (0.9545-0.1240) levels. From there, the pair is making every attempt to move higher, at the bottom near to 1.02 it made a morning star pattern (bullish candle stick pattern) which possibly indicates that a reversal is in place especially after the fall from 1.1231 to 1.01766 levels.

From Waves perspective, prices have completed wave B on the lower side where the subdivisions were very much evident. Wave B was in a flat pattern (a-b-c) and wave c of wave B was in five waves thereby indicating that the bottom is in place at 0.01766 levels. Prices have already unfolded wave C on the higher side which can reach in the range of 1.12-1.14 levels over medium term. In-between any dips can be utilized as a buying opportunity with stoploss at 0.1760 levels.

The bias is positive for the EURUSD as it can move higher to test the level of 1.12-1.14 price range. The pair has a support (stoploss) 0.1760 levels, as far as it is intact on the lower side the bias is positive for the above mentioned target. CMP 1.0487

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