EURUSD carving a potential triangle as Wave 2 termination
EURUSD corrective Wave 2 might still be in progress, and could be unfolding as a triangle before pushing higher towards 1.1500, as Wave 3 unfolds. As mentioned earlier, corrective waves can take several forms unlike impulse waves, which are quite straight forward. If Wave 2 is unfolding as a triangle, EURUSD might still remain confined within a trading range. Overall structure remains bullish until prices stay above 1.0636 levels though. Intermediary support is at 1.0768, while resistance is seen towards 1.1150 respectively. We shall bring daily short term updated here as price action unfolds.
Strategy:
Long against 1.0636, 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 1.0636, 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.