Forex

EURUSD Big Support For Corrective Drop Is At 1.07 – 1.08Jan 12, 2024

EURUSD is trading in a corrective drop and it’s looking for big support at 1.07 – 1.08 area by Elliott wave theory.

Euro turned up at end of 2023, it recovered with a sharp reaction higher up to 1.1 area where pair slowed down and turned lower into a pullback that is now in progress. Ideally, thats wave (A) of a new higher degree correction that can represent even wave 2 so be aware of some more weaknesses or sideways price action, but eventually, new buyers will show up still later this month.

Some nice support is at 1.08-1.07 area.

Also, after the latest strong US jobs and US CPI data suggest that speculators can be looking for too much of the FED cuts this year, so market can do some “repricing” and dollar can rally further.

EURUSD Big Support For Corrective Drop Is At 1.07 - 1.08 EURUSD 4H Chart
EURUSD 4H Chart

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