EURUSD has been dropping since the 1.1422 handle recently. It had dropped in a corrective wave a-b-c from 1.1422 through 1.1167 levels, before pulling back. We favor a larger degree A-B-C drop from 1.1422 levels, which could drag EURUSD towards fresh lows below 1.0636, going forward. For the above structure to remain intact, EURUSD must stay below 1.1422 mark. In the short term, EURO bulls have managed to reach fibonacci 0.618 retracement of the recent drop between 1.1348 and 1.1190 as highlighted on the hourly chart here. A bearish reaction here should sent EURO lower towards 1.1100 levels at least.
Short now, Stop @ 1.1422, target below @ 1.11 and further
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.
Short now, Stop @ 1.1422, target below @ 1.11 and further
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.
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.