Though not anticipated, if EURUSD does move above 1.2154, then we will consider the Elliott Wave pattern to be less bearish and we will begin to emphasis a couple of alternative counts. Should this occur, it would elevate the potential for an ‘X’ wave triangle and increases the probability of a near term retest of 1.25. The Elliott Wave patterns still point towards lower levels over the medium term though several short-term patterns point to 1.18-1.20.
EUR/USD Daily Forecast - 26 June
Euro formed support around 1.1630 level in the course of the yesterday’s session and was then pushed higher going all the way to 1.17 handle, despite weaker than expected German business confidence figures. As for tomorrow, we expect similar session as there will be no major data releases. Pair is likely to find support around 1.1650 and 1.1630 area, while we can expect resistance above 1.1750 handle. Long-term looking, we would remain on the sidelines for this pair.
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