EUR/USD is trading in an impulsive recovery [Video]

Gregor Horvat Wavetraders

Euro is trading higher, it’s recovering with sharp reaction higher since US CPI came lower than expected for October. We see price making extension within wave (3) of a new bullish sequence, which is our primary look because of a broken base channel. So euro can strengthen further, but be aware of some intraday 4th wave pullback from the current Fib resistance here at 1.1050 – 1.1100 area. Also, if the price stays in an uptrend with the current sharp rise, then a higher degree correction from the 2023 highs can be finished. A break below 1.070 will be again bearish for the euro.

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Author

Gregor Horvat

Wavetraders

Experience Grega is based in Slovenia and has been in the Forex market since 2003.

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