EURUSD might have completed the corrective drop that was expected after 1.1000 highs last week. It is always good to patiently wait until our potential entry triggers rather that rushing behind price action. EURUSD is seen to be producing a bullish Morning Star candlestick pattern right at the fibonacci 0.618 retracement(shy by 10 pips) of the recent upswing between 1.0775 and 1.1000 respectively. Looks like Wave 3 has resumed since 1.0775 lows, and furthermore the lower degree waves i and ii also seem to be in place (not marked here on the chart). If the above counts are correct, the next rally could surprise many traders as Wave 3 unfolds towards 1.1500 handle. Overall, EURUSD is expected to remain in control of bulls until prices stay above 1.0636.
Strategy:
Long against 1.0636, targeting 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 1.0636, targeting 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.