EURUSD tested the support at 1.05 level and closed the day near it. This is the lower band of the rang I mentioned in previous analysis. If the current support holds, the price might take a turn up from here but if the downtrend continues, breaking below 1.05, we are likely to see the WM1 Pivot at 1.0450. Weekly momentum is oversold and suggests upside. The only question is how far it drops before it reverses to the upside.
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EURUSD continued lower today and broke the wave 'i' low at 1.0520. This is important as it maintains the downside bias in the structure. The current wave count calls for the price to begin to accelerate to the downside in wave 'iii' brown. and that should begin shortly. the recent high at 1.0571 is key to the downside bias, if price rallies above that level again, it will tilt the price structure in favor of the alternate wave count show circled in red.
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