EURUSD continues its consolidation; Wave 2 in place at 1.0774 ?
The more time it takes consolidating, the more powerful would be its breakout. EURUSD continues its tight trading range and is just above 1.0800 handle as we publish. A break below 1.0730, which is fibonacci 0.786 support of Wave 1 on the chart, would threaten lower towards 1.0636. It could change the structure as EURO could drop further towards 10340 lows. At the moment, we still favor bullish turn with Wave 1 in place and Wave 2 unfolding as a potential triangle (terminated at 1.0774). A break above 1.1020 would confirm we have a low in place and bulls are in control towards 1.1500, going forward.
Strategy:
Long against 1.0630, targeting 1.1500 and higher.
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.
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.