EURUSD has managed to print through 1.0976 levels yesterday, before retracing lower. It is more clear and evident on the lower time frames that a corrective drop towards 1.1850 is unfolding. The above is also fibonacci 0.618 support of recent rally between 1.0775 and 1.0976 respectively, and hence high probability remains for a bullish reversal. Structurally, EURUSD might have carved Wave 2 triangle around 1.0766 earlier, and could be progressing towards 1.1500 as Wave 3 unfolds. If the above counts are correct, EURUSD should ideally stay above 1.0766 going forward. A drop lower would threaten to break below 1.0636 as well. As of now, we favor a bullish break above 1.1150 to push higher, after the anticipated corrective drop is complete.
Strategy:
Long against 1.0630, targeting 1.1500 and higher respectively.
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 1.1500 and higher respectively.
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.