EURUSD is coming strongly and impulsively higher after we spotted a bullish breakout out of a daily bullish ABCDE triangle pattern, which occurred after the NFP disappointment at the beginning of August.
On August 06 we shared a 4-hour chart, where we warned about the first wave 1 of a new five-wave bullish cycle that can send the price higher into wave 3 after a pullback in wave 2 that can retest the support around 1.0900 area.
As you can see today on August 26, EURUSD is coming impulsively higher within a projected wave 3 and looks like there’s room for more gains, just watch out on wave 4 pullback that can retest the support around 1.1100 area before the uptrend for wave 5 resumes.
As long as the price is above 1.1000 invalidation level, EURUSD is buy the dip.
For a detailed view, you can watch below our free video analysis shared 4 days back on August 22 2024:
If you are interested in more analysis like this, you may want to join our live webinar today on Monday August 26 2024 @ 15.00CET:
On the date of publication, Gregor Horvat did not have (either directly or indirectly) positions in any of the securities mentioned in this article. All information and data in this article is solely for informational purposes. For more information please view the Barchart Disclosure Policy here.