EURUSD bulls aim resistance around 1.1480/90 now
EURUSD cleared past 1.1420 and bulls are poised to target higher towards 1.1490 from here. The risk-reward ratio to initiate long positions from here doesn't look appealing. We would rather wait for a potential top to be carved at above resistance to initiate potential shorts. The wave counts are as follows: EURUSD continues to print higher highs and higher lows since 1.0636. The recent low at 1.1167 could be potential Wave 4 termination and Wave 5 seems to be in progress. It is expected to terminate around 1.1480/90 as EURUSD is set to complete an impulse wave of one larger degree.
Remain flat for now.
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