EURUSD close to terminating 5 waves lower @ 1.1740/50

9 Sep 2020

EURUSD is seen to be trading around 1.1757 as we publish this intraday update and it just a few pips away from initial support around 1.1750 mark. A break there would complete impulse drop from 1.20 handle and confirm a top in place. A counter trend rally should be underway soon towards 1.1900 handle and bears would remain in control there after. Potential Wave 1 impulse might be ready while EURUSD resumes Wave 2 towards 1.1900/50 zone. Wave 3 would be a sharp reversal lower towards 1.1400/50 levels, going forward.

Remain short and also add more on rallies, stop @ 1.21, target is open

Good luck!