For the past three weeks in a raw, euro has attempted a break below 1.16062-1.14595, but failed to sustain itself below this zone. This is a significant supportive zone and as long as it protects the lower side, we expect a rally to the upper side. The anticipated bullish price rally should be the unfolding of an impulsive five wave cycle and should first break above 1.21890 before a move further to the upper side is seen. If you’re not already in along position, you should wait for a slight pullback to the lower side to pick a low risk buy position with an ideal target at 1.21890.
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