EURUSD carves a lower degree wave ii around 1.1300
EURUSD rally towards 1.1300 overnight can be defined as a complex correction for lower degree wave ii. The lower degree wave structure since 1.1350 highs is as follows. The drop from 1.1350 through 1.1190 as wave i, followed by a corrective rally from 1.1190 through 1.1300 as wave ii respectively. If the above counts hold well, EURUSD should stay below 1.1300, going further. Further, it should continue wave iii lower towards 1.0900 at least. As the larger degree Wave 3 unfolds further, EURUSD has potential to drop beyond 1.0636 lows. Overall, the bearish structure should prevail until EURUSD stays below 1.1420.
Remain short, stop @ 1.1422 and target @ 1.0900 at least.
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 @ 1.1422 and target @ 1.0900 at least.
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.