EURUSD resistance stays just below the 1.1500 handle
EURUSD had reached up to 1.1450 levels yesterday before reversing lower again. The currency has print intraday low around 1.1380 and is seen to be trading around 1.1406 at the moment. The potential wave counts are as follows: The rally since 1.0636 lows has carved Waves 1, 2, 3, and 4 respectively with Wave 4 terminating around 1.1167 levels. Wave 5 potential termination is above 1.1500 resistance. If the above counts holds well, EURO bulls might attempt yet another rally before completing the impulse. Alternately, if a meaningful high is formed at 1.1450, EURUSD will turn lower from 1.1420 levels and push lower towards 1.1167. We would like to remain flat for now, waiting for further price action.
Remain flat for now. Preparing to sell again.
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 flat for now. Preparing to sell again.
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.