EUR/USD Daily View: Bullish Alt.

Well, we seemed to get what we wanted from Fed Chair Powell today…though not explicitly dovish, he definitely made it clear the bank would be more data dependent and understood the implication of higher rates on the economy. At least that is the first blush. The US dollar reversed hard on the news. We are now looking at the recent swing low in EUR/USD as a possible corrective bottom in another five-wave thrust higher in the “nasty” expanding flat pattern we have discussed. There is scope toward 1.2000-level, but we would be happy to remain long into a test of the swing high at 1.1816. We have a wide stop on this trade so position size accordingly please.

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