EURUSD seems to have found intermediary resistance at 1.1227 handle today. The currency is pulling back sharply lower and is trading around 1.1190 as we write this article. We could witness at least a corrective drop towards 1.0950 levels in the next few trading sessions. The bullish scenario would remain intact until EURUSD stays above 1.0870 levels. A break lower would threaten to break below 1.0730 and consequently below 1.0636, going further. We still favor the Wave 3 count higher but always keep the alternate scenario in mind. For now, we have changed outlook to Neutral in the short term and shall review situation again towards 1.0940/50 handle. Overall, EURUSD remains buy on dips until prices stay above 1.0730 and 1.0636 levels.
Strategy:
Short term bearish towards 1.0940, stop above 1.2300.
Long term bullish towards 1.1500, stop at 1.0630
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:
Short term bearish towards 1.0940, stop above 1.2300.
Long term bullish towards 1.1500, stop at 1.0630
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.