EURUSD prints 1.1140 today. Corrective Drop Possible To 1.0980
EURUSD continues to progress in Wave 3 higher towards 1.1500 in the near term. Looking at the lower time frames, the recent rally from 1.0870 seems to be complete at 1.1140 or could be near to completion. A corrective drop may soon materialize towards 1.0970/80 before the rally resumes. At the moment, bulls appear to be in control and poised to push towards 1.1500 going forward. Intraday resistance is seen towards 1.1150/60, while support comes in around 1.0980 handle. Only a break below 1.0766, Wave 2 termination, would nullify the above bullish structure. Corrective drops expected to remain well capped ahead of 1.0870 interim support.
Strategy:
Long against 1.0630, targeting above 1.1500.
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 1.0630, targeting above 1.1500.
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.