Orbex

ORBEX: EURUSD - Correction Likely To End Soon! Then Going For 5?

Short
FX:EURUSD   Euro / U.S. Dollar
EURUSD could move a tad higher to complete minor wave 4 near 1.1145 before continuing lower. The said level is the 1.618% FE of wave 1/2 correction and also the 50% FR of minor waves 2/3.

Look for a valid breakout below 1.099 for medium-terms shorts but keep a cautious eye on short-term longs as the correction could end soon.

Should prices move above 1.1194 it should be received as an early sign of invalidation.

Stavros Tousios
Head of Investment Research
Orbex

This analysis is provided as general market commentary and does not constitute investment advice.