EURUSD triangle count valid until prices hold above 1.0768
EURUSD is seen to be trading around 1.0830 levels for now and is expected to push higher towards 1.0940/50 levels as potential wave d within the contracting triangle. Alternately, a drop below 1.0768 would eliminate the triangle probabilities we have been discussing since several days. As long as 1.0768 holds, it is good to expect wave d rally towards 1.0940 and wave e correction to 1.0880 respectively. If the above potential wave counts is correct, expect a few more sessions of sideways movement. Structurally EURUSD is unfolding Wave 2 as a contracting triangle, before breaking higher as Wave 3 progresses.
Strategy:
Long against 1.0636, targeting 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 1.0636, targeting 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.