EURUSD has rallied over 100 pips after carving lows at 1.0870 handle yesterday. Looking at the short term wave counts, Wave iii of 3 might be progressing since 1.0870, and minimum target could be 1.1250 levels, if it is not an extension. As discussed yesterday, the rally could be sharp and quick to break above 1.1150 interim resistance. EURUSD seems to have carved Waves 1 and 2 earlier around 1.1150 and 1.0775 respectively. Ideally, prices should sty above 1.0775, the Wave 2 termination point. We favor bulls to remain in control and push prices towards 1.1500 as higher degree Wave 3 unfolds. EURUSD remains a good candidate to be bought on dips, as intraday support is seen towards 1.0940 levels from here. Overall, EURUSD remains bullish towards 1.1500, against 1.0636 lows.
Strategy:
Long against 1.0630, 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 1.0630, 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.