EURUSD: New Pull-back Could Be A New Long Opportunity
EURUSD is trading nicely higher since we called end of a wave ii) pull-back at 1.3413. Notice that market moved higher in five waves from that swing low, which represents impulsive wave iii) of a larger five wave rally. As such, we favour more upside on EURUSD, even towards 1.3700 but before that be aware of a corrective wave iv) retracement back to 1.3550. Larger trend however remains up as long as 1.3480 is not breached, therefore trader should stick with longs.
If you are wondering why 1.3480 level is important; its because wave four must not make an overlap with wave one, otherwise Elliott Wave rule of impulse would be violated and new, different wave count should then be considered.
