1.1215 remains line in sand for EURO Bulls

After taking out 1.1270 levels yesterday,most traders would believe and get on the short side as normally the sentiment should be. A different look at the charts could be telling another story though. The higher degree expanded flat structure remains intact until prices stay above 1.1215 levels. With the EURUSD printing lower lows with each passing day, the RSI on hourly, 4 hour and putting up strong bullish divergences respectively. The daily chart wave structure favors a 3 wave corrective rally after impulse drop from 1.2555 levels last year. Furthermore, the corrective rally could be considered incomplete until prices stay above 1.1215 mark.It could be anybody's guess from where the currency could reverse and not speculating on that, it could be suggest to at least be prepared for a bullish turn around till 1.1215 remains intact. A break above 1.1330/40 levels would be considered as confirming the above scenario. We remain neutral for now.


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