EURUSD continues its rally towards 1.1150 and higher
EURUSD bulls continue to remain in control as the single currency pair hits 1.1000 handle yesterday. Structurally, EURUSD could be progressing within early stages of Wave 3 rally since 1.0775 lows and could retrace lower towards 1.0860 levels as highlighted on the chart here, before resuming higher. We continue to favor the following wave counts: EURUSD rallied from 1.0636 through 1.1150 levels carving Wave 1, which was followed by a triangle consolidation Wave 2 that terminated towards 1.0775. Since then a similar degree Wave 3 is just underway towards 1.1500 levels, going forward. A corrective drop towards 1.0860, which is fibonacci 0.618 of the recent upswing would provide yet another opportunity to initiate long positions.
Strategy:
Long against 1.0630, targeting above 1.1500 handle.
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:
Long against 1.0630, targeting above 1.1500 handle.
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.