EURUSD has now pushed through initial resistance around 1.0887/90 levels while we write this article. On the hourly chart, a leading diagonal could be completing between 1.0730 and 1.0887 respectively. As expected and discussed yesterday, a break above 1.0887 confirms a meaningful bottom in place at 1.0730. Furthermore, it also confirms Wave 3 is underway and might have carved its lower degree wave i (not labelled). Ideally, a corrective drop is now probable towards 1.0790, before the rally continues higher. Overall structure remains bullish until EURUSD stays above 1.0636, going forward.
Strategy:
Long against 1.0636, targeting 1.1500/1.1600
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 1.1500/1.1600
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.