EURUSD structure remains constructive for bulls above 1.0636
EURUSD continues to consolidate and might be looking to print a marginal low below 1.0766 before terminating Wave 2 triangle. It is seen to be trading around 1.0786 as we write this article and if a triangle is unfolding, a print below 10766 should complete the structure. A slip below 1.0730 and subsequently 1.0636 would trigger yet another round of sell off. We still favor a bullish count until prices are within 1.0636 and 1.1150, potential Wave 1 on chart. An expanded triangle could be in the making since 1.1150, and wave e could terminate below 1.0766, Wave 2 on the chart. Bottom line, EURUSD should stay above 1.0636 to keep the bullish structure intact.
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.