30.08.201912:29 Forex Analysis & Reviews: Bullish rally to kick off soon in EUR/USD

There's a crucial moment in EURUSD. The market broke a local low yesterday, so wave (ii) turned out to be longer with wave x in the form of a flat pattern. The price is near the main critical level at 1.1025 (the low of wave C). As long as this level remains untouched, the bullish outlook will remain in force. However, it's better to see the price above 1.1093 to be sure that wave (iii) is underway. If the pair goes through 1.1165, there'll be more evidence for the bullish outlook.

Also, if we have a five-wave structure for wave i of (iii), this scenario will be confirmed. That's why it's less risky to wait for waves i and ii, and after that plan to do any trade actions for wave iii of (iii). The main target for wave (iii) is the 1.618 multiple of wave (i) at 1.1393. Meanwhile, if the price touches 1.1026, the bullish outlook will be no longer valid. If this happens, there'll be a green light for wave C to continue.

The bottom line is that EUR/USD remains bullish, but this scenario becomes riskier. In this case, we should wait for confirmation, such as a break of 1.1093 and a five-wave advance for wave i of (iii).