EURUSD managed to find intraday support around 1.0788 levels, slight lower below 1.0800 as expected. It is seen to be trading around 1.0816 as we write this article and is expected to push above 1.0900 handle intraday. Ideally, prices should hold above 1.0730 but if a more complex structure is unfolding, EURUSD may test lower ahead of 1/0636 before reversing higher again. Please note that a push above 1.1020 would be constructive for bulls and accelerate further towards 1.1150 handle. The fibonacci extensions of the rally from 1.0636 through 1.1150 are pointing towards 1.1500 and higher. We continue to favor a bullish break out as long as 1.0636 remains intact. Major resistance is seen at 1.1500 and a break confirms long term trend reversal.
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.