EURUSD triangle count was ruled out yesterday after prices dropped below 1.0768 mark. Bulls had managed to rally through 1.0840 levels before reversing lower again. Today, it seems to have completed its corrective phase that had begun from 1.1150 highs. Please note that the a-b-c drop terminated just below fibonacci 0.786 retracement of Wave 1, which is seen through 1.0745 levels. A morning star candlestick pattern has also appeared on the hourly chart, indicating a potential reversal ahead. A break above 1.0848 levels would confirm.
Strategy:
Long against 1.0636, targeting 1.1500.
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 1.0636, targeting 1.1500.
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.