10.04.2023 12:42 PM
EURUSD was drifting within the 1.0890-1.0915 range post-NFPs on Friday. The single currency pair is seen to be trading around 1.0910 at this point in writing and is expected to continue dragging lower towards 1.0500 in the next few weeks. The bears are poised to remain in control and hold prices below the 1.1035 interim resistance.
EURUSD is unfolding a larger-degree counter-trend drop, having printed the 1.1035 highs. The first two waves within the corrective phase are looking complete at 1.0525 and 1.0973 levels respectively. If the above structure holds well, prices should stay below 1.1035 and resume lower towards 1.0500. A break below 1.0800 encourages a further rally.
The corrective wave has the potential to terminate around 1.0250 and down to 1.0100 as marked on the daily chart. Also, note that 1.0100 is the Fibonacci 0.618 retracement of the earlier rally between 0.9535 and 1.1035 levels, signalling a strong bullish reversal if prices manage to reach there. The instrument is looking lower now.
A potential drop against 1.1035
Good luck!
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