EURUSD still carving lower degree Wave iv towards 1.1180/1.1200
EURUSD had rallied past the 1.1400 handle yesterday, before reversing lower again. We continue to favor a wave iv lower towards 1.1180/1.1200 levels, before marching higher towards the 1.1500 handle. Structurally, EURUSD seems to be unfolding Wave 3 since 1.0775 levels. Furthermore, the sub waves are being unfolded as labelled on the chart today. A potential wave iv might be unfolding as an expanded flat towards 1.1180/1.1200 handle, which is fibonacci 0.382 retracement of wave iii. If the above counts are correct, EURUSD could drop sharply towards the above zone, before resuming rally. Overall, structure remains bullish towards 1.1500 and higher as long as prices stay above 1.0636 mark.
Strategy:
Long against 1.0630, targeting 1.1500 and above.
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 above.
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.