EURUSD picked up from 1.1212 lows and managed to rally through 1.1353 before pulling back. Probability remains for a potential wave iv in place around 1.1212 and bulls are back in control to push towards 1.1500/1.1600 highs. As we write this article, EURUSD trades lower around 1.1312 handle and is expected to continue towards 1.1250/60. If the lower degree wave v has already begun, the recent rally between 1.1212 and 1.1353 would be retraced and prices stay above 1.1212, going forward. The fibonacci 0.618 retracement is seen towards 1.1250/60, and hence probabilities remain for a bullish reversal. Overall, EURUSD remains constructive for bulls as long as prices stay above 1.0775 and broadly above 1.0636 levels respectively.
Strategy:
Long against 1.0630, 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 1.0630, 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.