EURUSD bottom seen towards 1.1180/1.1200 before reversing

Euro Fx/U.S. Dollar FX:EURUSD

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EURUSD continues to carve lower degree wave iv and is expected to find support near 1.1200 handle. A wave v rally should be underway towards 1.1500 thereafter, to terminate Wave 3. Only if EURUSD slips below 1.1000 handle and further, should the above bullish structure change. At the moment, we favor a Wave 3 rally higher towards 1.1500 before carving a meaningful top. EURUSD had earlier rallied from 1.0636 through 1.1150, Wave 1 on the chart. The subsequent sideways triangle consolidation could be labelled as Wave 2, terminated around 1.0775. Since then, Wave 3 has been progressing higher towards 1.1500 at least. Ideally, EURUSD remains bullish until prices stay above 1.0775 support.

Strategy:

Long against 1.0630, targeting above 1.1500

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