EURUSD bulls remain poised to push through 1.1500 resistance
EURUSD had dropped lower to 1.1228 yesterday, before pulling back higher again. The corrective wave iv drop might be complete at 1.1212 earlier, or we could witness another drop lower around 1.1185/1.1200. It is also fibonacci 0.382 retracement of lower degree wave iii, a typical guideline for wave iv termination. Either way, it is matter of time for EURUSD to resume higher towards 1.1500 resistance, as wave v within Wave 3 resumes. Overall, EURUSD continues to remain bullish as long as prices stay above 1.0636 lows. Ideally, the currency is expected to stay above 1.0775, the Wave 2 triangle termination. Since then, Wave 3 is progressing higher towards 1.1500 resistance. A break higher would also confirm a long term bullish reversal ahead.
Strategy:
Long against 1.0775, 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 1.0775, 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.