|EURUSD May Have Seen a Reversal at 1.1228
EURUSD is trading in a choppy and overlapping move North within the Blue Wave C.
Looking this as the corrective pullback in the Wave C with a possible target at 1.1190-95 area.
Seeing this as corrective in relation to a previous move South it means expect lower levels on this pair to come soon.
The Euro fell to 1.1100 support Monday breaking its 200-Day SMA leaving long Bullish weekly candle.
EURUSD generated Bullish signal, along with 5/200-Day SMA’s Golden Cross, for possible extension of near-term recovery from 1.0909 (post-Brexit low.
Rally so far met initial target and very strong resistance at 1.1167 (converged daily Tenkan-sen / Kijun-sen lines / 50% Fibo retracement of 1.1425/1.0909 fall), which capped the recovery for now.
Near-term see a Neutral setup and daily technicals show mixed mode, which may trigger extended consolidation while 1.1167 barrier caps.
Otherwise, a violation of 1.1100 support zone would give initial signals of weakening, which requires confirmation on sustained break below 1.1070.
Resistance marks: 1.1147, 1.1167, 1.1187, 1.1228
Have a terrific week.
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