EURUSD: Is the correction over?

After trading towards the 1.1800 target, Tony Sycamore, Director Institutional Foreign Exchange at Commonwealth Bank of Australia, says there is a temptation to call the 4th wave corrective bounce complete for EURUSD, especially when looking at the weekly chart.

However, Sycamore thinks a study of the daily chart still suggests there could see one more high above 1.1714 before EURUSD resumes its downtrend. As such, he is currently neutral and only “a break below 1.1100/80 would put the downside back on the radar.”

See weekly chart / daily chart.