EURUSD seems to have topped around 1.2000 handle and might be heading towards 1.1100/50 levels. The fibonacci 0.618 retracement of entire rally between 1.0636 and 1.2010 is seen around 1.1100/50 hence a bullish bounce remains possible. It is too early to predict the above but probabilities remain high as EURO completes an impulse around 1.2000 mark. Ideally it should produce a corrective drop at a similar degree bringing prices towards a fibonacci retracement (0.618). Another probability is that EURUSD might have completed a corrective wave around 1.2000 handle. Either way, the currency is expected to head lower from here on.
Remain short, stop @ 1.2100, target is open.
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 short, stop @ 1.2100, target is open.
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.