EURUSD has shown quite a bit of resilience and bounced back sharply from 1.1250 handle. The currency might be testing resistance around 1.1330/35 (fibonacci 0.618 retracement) as bears remain poised to resume lower. The wave remains unchanged from our earlier discussions, as EURUSD might have carved a meaningful top around 1.1400 levels earlier. Furthermore, the rally between 1.0636 and 1.1400 was in 3 waves, hence corrective. A drop below 1.1150 and 1.1100 would certainly confirm EURUSD is not carving a potential corrective wave 4. Probability remains high for a continued drop towards 1.1000 and further until 1.1400 holds.
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.
Disclaimer
The information and publications are not meant to be, and do not constitute, financial, investment, trading, or other types of advice or recommendations supplied or endorsed by TradingView. Read more in the Terms of Use.
Disclaimer
The information and publications are not meant to be, and do not constitute, financial, investment, trading, or other types of advice or recommendations supplied or endorsed by TradingView. Read more in the Terms of Use.