EURUSD might have completed a corrective rally that had begun from 1.0636 in March 2020. We have labelled it as 1, 2 (triangle) and 3 respectively on the displayed chart and would re-label it as Waves A, B and C. Please note Wave C or 3 might have already terminated at 1.1400 handle and hence we would favor a bearish stance until prices stay below that. The wave counts since 1.1400 highs are also suggesting a drop below 1.1167 lows, going forward. In fact a continued drop below 1.1000 levels would push EURUSD towards 1.0636 and further. We would take it slowly for now and want to see a price break below 1.1167 to get the counts updated on charts. Overall, we remain bearish against 1.1400 handle.
Strategy:
Short against 1.1400, targeting below 1.0636.
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 against 1.1400, targeting below 1.0636.
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.