EURUSD might have resumed its correction towards 1.1000 handle
EURUSD has given over 50 pips since yesterday's highs at 1.1257 handle. A lower degree wave iii might have terminated around 1.1257 and EURUSD could be on its way towards 1.1000 handle. The fibonacci 0.382 retracement level is seen through 1.1110/20, which could be an ideal support for potential Wave iv termination. It is also possible that the correction dives deeper towards 1.0960, which is fibonacci 0.618 of the recent upswing. We can expect another push higher towards 1.1500 for Wave 3 to terminate. If the above counts hold well, EURUSD will stay above 1.1775 support going forward. Alternately, a drop below 1.0775 would threaten 1.0730 and further; probabilities are less though. Overall EURUSD bulls are expected to remain in control until prices stay above 1.0775.
Strategy:
Short term bearish towards 1.1000
Long term bullish against 1.0630, targeting 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:
Short term bearish towards 1.1000
Long term bullish against 1.0630, targeting 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.