Euro / U.S. DollarShort
EURUSD faces resistance around 1.1880/1.1900
EURUSD had dropped to 1.1754 from 1.1965 highs last week. The drop seems to be an impulse wave which is being retraced for now. The fibonacci 0.618 retracement level is seen through 1.1887 levels and probability remains high for a bearish bounce. The currency faces strong resistance around 1.1965 handle and prices should ideally remain lower. The corrective rally may extend towards 1.1920/25 levels as well, which is fibonacci 0.786 retracement level. Bears remain poised to turn lower soon.
Remain short, stop @ 1.1970, target is open.
Risk Disclaimer:
Trading Forex or any CFD products may not be suitable to all investors and they must evaluate their risk appetite. The above article should not be construed as a trading or investment advice as it is solely for education and information purpose only. Trading might incur a loss of capital and hence investors might be required to gain further knowledge regarding the risks involved. Leverage should be used wisely.
Remain short, stop @ 1.1970, target is open.
Risk Disclaimer:
Trading Forex or any CFD products may not be suitable to all investors and they must evaluate their risk appetite. The above article should not be construed as a trading or investment advice as it is solely for education and information purpose only. Trading might incur a loss of capital and hence investors might be required to gain further knowledge regarding the risks involved. Leverage should be used wisely.
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