EURUSD continues consolidation as it trades around 1.0800/10 handle for now. The rally between 1.0636 and 1.1150 still remains the recent boundary (or upswing) that is being worked upon, Wave 1 on the chart. It has been retraced up to fibonacci 0.786 levels around 1.0730 while Wave 2 seems to be unfolding as a triangle. Potential remains for yet another drop below 1.0730 handle before EURUSD resumes its rally, but 1.0636 should hold. If the above counts hold well, EURUSD could be heading towards 1.1500 handle, as Wave 3 unfolds. On the flip side, if bears manage to break below 1.0636 EURUSD could drop below 1.0340 before finding support. A triangle count for Wave 2 is still favored until 1.0636 remains 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.
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.