EURUSD had raised through 1.1365 levels in the early hours of trade today, before reversing. Ideally, EURO should continue lower, breaking the trend line support and slipping below 1.1167 as well. It would be interesting to see it the currency drops as an impulse or just a correction. The potential wave counts have been adjusted: The drop from 1.1420 through 1.1167 is Wave 1/A, while the entire structure until 1.1365 could be corrective Wave 2/B. If the above counts are correct, EURUSD should stay below 1.1420 and continue lower towards 1.1167 and 1.1000 respectively. Overall, the structure remains bearish as long as 1.1420 holds.
Remain short, stop @ 1.1420, target @ 1.1000 and lower.
Risk Disclaimer:
Trading Forex or any CFD products may not be suitable to all investors and they must evaluate their risk appetite. The above article should not be construed as a trading or investment advice as it is solely for education and information purpose only. Trading might incur a loss of capital and hence investors might be required to gain further knowledge regarding the risks involved. Leverage should be used wisely.
Remain short, stop @ 1.1420, target @ 1.1000 and lower.
Risk Disclaimer:
Trading Forex or any CFD products may not be suitable to all investors and they must evaluate their risk appetite. The above article should not be construed as a trading or investment advice as it is solely for education and information purpose only. Trading might incur a loss of capital and hence investors might be required to gain further knowledge regarding the risks involved. Leverage should be used wisely.