EURUSD: So far the market has responded to the bottom line (between wave 1 and 3’s low points) by bouncing back above 1.18. At a very minimum the reaction should stretch out for 1.1845 even though there clearly is scope (see arguments in yday’s TA) for more. To maintain an immediate upside potential the pair cannot fall beneath 1.1780 (= a new low will then be set before a new reaction attempt will take place).
Read the full report: Technical Alert