EURUSD found some support after dropping through 1.1660/65 lows over the last week. The currency trades comfortable above 1.1700 mark and might be looking to push further towards 1.1800 mark and clear resistance seen there.
EURUSD bulls might be looking to be back in control and a minimum break above 1.1800 handle is required to confirm the same. If the pair slips below 1.1660 levels from here, it could further test 1.1600 handle before pulling back.
Looking at the wave structure, EURUSD seems to have carved 5 waves between 1.2266 and 1.1660 levels respectively. It could be marked as Wave 1 of (C), looking to push through 1.1300 levels, going further.
If the above structure holds well, EURUSD might be producing a counter trend rally towards 1.2040/50 levels soon. Also note that fibonacci 0.618 retracement of the drop between 1.2266 and 1.1660 is passing through 1.2050 zone.
EURUSD might reverse lower from 1.2050 mark, if price reaches there to complete its counter trend rally and also potential Wave 2 termination. Traders might prepare to enter fresh short positions thereafter turning towards 1.1300 levels.
Finacademy Technical Team
Gold prices dropped through $1773 lows on Thursday before finding support again. The drop from $1793 was in-line with price action of a gartley.
The US dollar index might have carved a lower high around 96.50 mark on Tuesday. The index dropped through 95.80 levels on Wednesday before finding some support.
USDJPY is soon approaching a formidable resistance zone around the 114.40-50 mark. The currency pair has been carving a corrective rally since 112.50 lows.