Commentary: The EURUSD bullish scenario is playing out but price needs to remain above 1.3391 for us to keep looking higher.
The period of softeness from 1.3552 is most likely a second wave pullback and Fibonacci support rests between 1.3453 and 1.3491 (38.2%-61.8% of 1.3392-1.3552). We?ll reiterate what we have for the past few weeks - be careful trading from the long side as the sentiment backdrop gives scope to a larger reversal. Since price pattern (the 3 wave drop from 1.3680 is the dominant pattern and is bullish) has yet to confirm such a reversal, so it is wise to remain bullish.
Strategy: Bullish now, against 1.3391, targeting above 1.3680.