EURUSD might have carved an intermediary high around 1.1422 handle. The currency pair is approaching intraday resistance around 1.1275/85, which is the fibonacci 0.618 retracement of the recent drop between 1.1348 and 1.1190 respectively. High probability remains for a 5 wave drop towards 1.0930 handle, before deciding further direction. Intermediary resistance is at 1.1348, followed by 1.1422, while support is seen around 1.1167 respectively. A drop below 1.1167 would accelerate the drop towards 1.1000 and 1.0930, going forward. On the other hand, if EURUSD breaks above 1.1350, it would indicate further threat to 1.1422 handle. It is good to take profits on long positions close to 1.1280/85 and remain flat or move stop loss to 1.1167.
Strategy:
Take profits for now @ 1.1280 and remain flat.
Legal Disclaimer: This article is not investment advice. The data provided is for marketing material purposes and is not intended to confuse nor guide our clients on trading decisions. Any investment activity performed is perceived to be a self-directed decision. Exclusive Markets is not liable for losses that may occur because of a decision made after reading the information published on our research page or any other media.
Risk Warning: Trading the capital markets is risky therefore further knowledge and experience may be required. Apply appropriate risk and money management always and ensure the implementation of safe leverage.
Strategy:
Take profits for now @ 1.1280 and remain flat.
Legal Disclaimer: This article is not investment advice. The data provided is for marketing material purposes and is not intended to confuse nor guide our clients on trading decisions. Any investment activity performed is perceived to be a self-directed decision. Exclusive Markets is not liable for losses that may occur because of a decision made after reading the information published on our research page or any other media.
Risk Warning: Trading the capital markets is risky therefore further knowledge and experience may be required. Apply appropriate risk and money management always and ensure the implementation of safe leverage.