EURUSD hourly chart has been presented today for potential intraday price action. EURUSD had dropped sharply after taking out resistance at 1.0888 levels as expected. The probable lower degree wave counts suggests, EURUSD bulls have carved wave i around 1.0888/90 and is correcting lower to terminate wave ii. A potential zigzag corrective wave might be underway towards 1.0790/1.0800 levels, before resuming rally. Also note that fibonacci 0.618 retracement of wave i is seen around 1.0787 levels, hence a bullish reversal remains high probability. Structurally, EURUSD is expected to remain bullish until 1.0636 low is intact.
Strategy:
Intraday: Drop to 1.0790 and then bullish again.
Medium term: Bullish 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:
Intraday: Drop to 1.0790 and then bullish again.
Medium term: Bullish 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.