ORBEX: EURUSD - Are We Going Lower After Minor 4's Completion?
It looks like the corrective minor wave 4 has ended a tad above the strong 1.1025 resistance, taking our breakeven stops. The recent attempt to push prices higher is most likely done for now and fresh lows could be expected.
Minor wave 5 is expected to end below the most recent low of 1.0880, where intermediate wave 3 will also see its end. The intermediate wave 3 is part of the primary A,B,C zigzag with waves A and B at 1.13 and 1.1816, respectively. C will finish this correction with an intermediate 5.
The minute upside correction is part of a bullish flag which could have prices sliding down to 1.07/1.06 medium-term
This opportunity would be invalidated above 1.1063 in the short-term, but in the medium-term, we could see an upside completing a deeper correction closer to minute wave 1 low near 1.1195. A break above the latter would most likely invalidate bears in the longer-term.
Stavros Tousios
Head of Investment Research
Orbex
Minor wave 5 is expected to end below the most recent low of 1.0880, where intermediate wave 3 will also see its end. The intermediate wave 3 is part of the primary A,B,C zigzag with waves A and B at 1.13 and 1.1816, respectively. C will finish this correction with an intermediate 5.
The minute upside correction is part of a bullish flag which could have prices sliding down to 1.07/1.06 medium-term
This opportunity would be invalidated above 1.1063 in the short-term, but in the medium-term, we could see an upside completing a deeper correction closer to minute wave 1 low near 1.1195. A break above the latter would most likely invalidate bears in the longer-term.
Stavros Tousios
Head of Investment Research
Orbex
