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EURUSD slipped to the 1.0319 intraday low during the early Asian session on Wednesday before finding support. The single currency pair is seen to be trading above 1.0350 at this point in writing as traders await a breakout above the 1.0481 interim resistance. The near-term targets still remain at 1.0550 and 1.0600 before hitting strong resistance and turning lower.
EURUSD is progressing within its last wave higher towards the 1.0550-1.0600 area to complete its larger-degree corrective wave. The wave structure, which began from the 0.9535 lows, is expected to terminate at around the 1.0550-1.0600 levels as projected on the daily chart here. Also, note the Fibonacci 0.382 retracement of the earlier drop between 1.2266 and 0.9535 is passing through 1.0600.
A high probability remains for a turn lower if prices manage to reach the above-said zone. On the flip side, if prices drop below the 1.0222 interim support, prices could drift towards 0.9740, which is the next-in-line support. A turn from 1.0000 could possibly bring back the bulls in control and the instrument could resume higher towards 1.0550 and 1.0600 levels.
Potential rally towards 1.0550 against 0.9740, then lower
Good luck!
*এখানে পোস্ট করা মার্কেট বিশ্লেষণ আপনার সচেতনতা বৃদ্ধির জন্য প্রদান করা হয়, ট্রেড করার নির্দেশনা প্রদানের জন্য প্রদান করা হয় না।
ইন্সটাফরেক্স বিশ্লেষণমূলক পর্যালোচনাগুলো আপনাকে মার্কেট প্রবণতা সম্পর্কে পুরোপুরি সচেতন করবে! ইন্সটাফরেক্সের একজন গ্রাহক হওয়ায়, দক্ষ ট্রেডিং এর জন্য আপনাকে অনেক সেবা বিনামূল্যে প্রদান করা হয়।