EURUSD has reversed from 1.1340 levels yesterday. The drop is still in 3 waves hence corrective, but an impulse will confirm a meaningful top in place at 1.1340/45. A drop below 1.1258 would confirm an impulse and EURUSD will be good to sell on rallies thereafter. Alternately, if bulls manage to push prices higher towards 1.1350, they would threaten to push through 1.1400 as well. In that case, odds would be high towards 1.1500 resistance. The currency trades close to 1.1280 levels for now, as we favor a sideways movement for a while, before dropping lower again. Overall, EURUSD remains bearish against 1.1400 for now.
Strategy:
Short against 1.1400, targeting below 1.0636
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:
Short against 1.1400, targeting below 1.0636
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.