EURUSD is trading around 1.1886 as we write this update and is extremely close to taking out 1.1780 support. This falls in line with our earlier projections for a meaningful top in place at 1.1965. The currency should pullback sharply thereafter and proceed to produce a counter trend rally possibly through 1.1880 mark. The waves could be now defined as Wave 1 (around 1.1780), which could be followed by a corrective rally towards 1.1880, potential Wave 2. If the above proposed wave structure is correct, we are going to witness a Wave 3 drop soon.
Remain short, stop @ 1.1970, 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 @ 1.1970, 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.